Insurance Under Islamic Law And Its Development In Saudi Arabia

Running Head : Islamic damagesIslamic Insurance[Name of Writer][Name of Institution]Islamic InsuranceIntroductionThe term indemnity is rent in economics to denote the protection of people , retention , and assets against damage and destruction . Insurance is provided by organizations to individuals in the electric outlet of accidents death , criminal activity , or incapacitation . A haughty amount of compensation is paid which depends upon the type and conditions of the amends abstract . 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 surrounde d by conventional insurance and Islamic insurance .

Finally it tracks the fundamental evolution of Islamic insurance in the Kingdom of Saudi ArabiaConventional InsuranceInsurance is interested with the principle of providing safety and protection to individuals in to ebb or trim down the risks faced from incapacitation , death , injury , or passing play from criminal activity . A tidy sum 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 States of America and europium can offer si! milar policies to a large deed of individual members (Warde , 2000 . This can include the procedure of automobile insurance policies for huge...If you want to get a in force(p) essay, order it on our website: OrderEssay.net

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