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ANALYSIS OF THE PRINCIPLES OF COMMERCIAL INSURANCE: AN ALTERNATIVE VIEW POINT
ABSTRACT
The need for protection against perils and associated financial losses is inherent in man. From the
beginning of history man relied on various institutions like family, tribe, state, etc to satisfy this
need. Presently, the western type of insurance is widely in practice. Analysis of the system
reveals that it contains elements of profiteering, exploitation and even wagering.
Considering the indispensability of insurance in industrial development as well as in large scale
organisation of commerce, industry and agriculture, an alternative approach to current insurance
system was explored. The principles and concepts of insurance business and practice advocated
by Islam is seen by eminent scholars as an option that is largely free of the shortcomings of
modern insurance system.
The Islamic form of insurance is categorised into contributory and non-contributory schemes
The contributory schemes arc organised by the private sector on mutual and cooperative basis
The non-contributory schemes on the other hand are wclfaristic in nature exclusively under the
supervision of the stale. They cover perils to human life, limbs and health.
Pending when the Islamic insurance will be widely in practice, individuals and corporate bodies
holding policies under the present dispensation, should appraise themselves of the insurance law,
so as to at least minimise the current exploitation of the insurecs by the insurance companies.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
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