Insurance Under Islamic Law And Its Development In Saudi Arabia

Running Head : Islamic insuranceIslamic Insurance[Name of Writer][Name of Institution]Islamic InsuranceIntroductionThe term indemnity is employ in economics to denote the protection of people , memory , and assets against damage and destruction . Insurance is provided by organizations to individuals in the sacking of accidents death , criminal activity , or incapacitation . A exacting amount of compensation is paid which depends upon the type and conditions of the amends outline . The concept of damages under Islamic law has changed as comp ard with the conventional view of indemnity . The conventional form of insurance is viewed as being incompatible with Islamic law and principles . This provides a background of conventional insurance and Islamic concepts of insurance . It highlights the differences mingled with conv entional insurance and Islamic insurance .

Finally it tracks the constitutional evolution of Islamic insurance in the Kingdom of Saudi-Arabian ArabiaConventional InsuranceInsurance is interested with the principle of providing safety and protection to individuals in to decline or shave the risks faced from incapacitation , death , injury , or passing play from criminal activity . A draw is provided to the person so as to minimize or reduce their losses . Insurers are companies which offer various types of insurance schemes . Insurance rate is the percentage which is calculated between the payment offered by the company and the insurance coverage . Insurance policies in the joined Sta tes of America and europium can offer simil! ar policies to a large deed of individual members (Warde , 2000 . This can include the social occasion of automobile insurance policies for huge...If you want to get a abundant essay, order it on our website: OrderEssay.net

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