Methodological Bases Of Islamic Insurance

Abstract

This article discusses in detail the methodological foundations of Islamic insurance. An Islamic bank is “a commercial organization that opens and maintains bank accounts in accordance with Islamic law, makes payments, raises funds for deposits, finances individuals and legal entities, and provides other banking services”. Sharia (Islamic law) requires these transactions to be legal. That is, permission from the Shari’ah production projects that are safe for the given society finances and pays or receives interest on any transactions prohibits.