Islamic economics


Domestic Fiscal Policy and Public Finance



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320 Domestic Fiscal Policy and Public Finance

321 The zakah law


321:1 FARIS, NABIH AMIN, The Mysteries of Almsgiving ,Beirut: American University of Beirut, 1966, 96 pp.

Translation of Imam Ghazali's book V of the first quarter of the Ihya al-Ulum al-Din. A simple and facile translation. Gives basic rules of zakah.

For general readers. Documented.

321:2 SADEQ, A.H.M., A Survey of the Institution of Zakah: Issues, Theories, and Administration, Jeddah: Islamic Research and Training Institute, 1994, 71 pp.

Surveys the literature on zakah relating to economics of zakah, legal issues such as nisab, rates, tamlik, and administration of zakah. A good summary of the literature.

For Muslim economists and jurists. Based on contemporary literature. Documented.


322 Economic role of zakah


322:1 ABDIN, AL-TAYIB Z. -AL, "Zakat and the Alleviation of Poverty in the Muslim World", Hamdard Islamicus, Karachi, (XX: 2), April '97, pp. 65-82.

Gives a brief overview of the law of zakah. Discusses its role in alleviationof poverty. Cites the case studies of Pakistan, the Sudan, Yemen, and Egypt. Concludes that the role of zakah in alleviating poverty in these countries had been only marginal.

For economists and general readers. Based on contemporary literature. Documented.

322:2 AZID, TOSEEF, "Role of Zakah Fund in an Islamic Economy: An Empirical Evidence", Hamdard Islamicus, Karachi, (XX: 2), April 1997, pp. 83-87.

Based on a field survey of a tehsil in Pakistan, summarizes the response of the zakah beneficiaries. Concludes that the zakah beneficiaries have been only marginally satisfied with the zakah assistance.

For economists. Documented.

322:3 CHAUDHURY, MASUDUAL ALAM, "Role of Zakah, the Islamic Quasi Wealth Tax, in Resource Allocation", in Monzer Kahf (ed.), Economics of Zakah, Jeddah: Islamic Research and Training Institute, 1997, pp. 473-500.

Introduces the Islamic concept of resource allocation and brings out the importance of X-efficiency aspects of such modes of resource allocation in welfare models. Develops a cost-benefit model of an empirical analysis of the costs and benefits of zakah-financed training program. Shows the welfare effect of zakah. Estimates a multiplier relation of income and zakah and demonstrates the more general relation between zakah, income and employment.

For economists. Uses mathematics and diagrams. Based on contemporary economic literature and primary sources of Islam.

322:4 KAHF, MONZER, The Performance of the Institution of Zakah in Theory and Practice, 22 pp. Unpublished. Presented to the International Conference on Islamic Economics in 21st Century organized by the International Islamic University Malaysia at Kuala Lumpur, during 9-12 August, 1999.

Argues that the proceeds from zakah in the present day economy cannot be sufficient to meet needs of a modern day state for alleviating poverty. It would require supplement from other sources such as more taxes, infaq and waqf. Supports the main conclusion with data from several countries.

For economists and policy makers. Based on primary sources. Documented.

322:5 KAHF, MONZER, The Principle of Socioeconomic Justice in Contemporary Fiqh of Zakah, Iqtisad: Journal of Islamic Economics, Yogyakarta, (1:1), April 1999, pp. 24-44.

Presents an economic view of fiqh opinions on zakah and shows that some of them may not be consistent with social and economic justice. Argues that the majority of fiqh opinions of zakah do not take the principle of justice into consideration. The majority of wealthy people in any contemporary Muslim society are virtually exempt from zakah while the poor agricultural population is charged at a greater rate. Identifies some flaws in today's ijtehad and calls upon the role of specialized scholars in reconsidering this issue.

For economists and jurists. based on primary sources. Documented.

322:6 KAHF, MONZER (ed.), Economics of Zakah, Jeddah: Islamic Research and Training Institute, 1997, 697 pp

A compendium of fifteen papers (seven in Arabic) on various aspects of economics of zakah. Individual papers have been annotated in earlier volumes of this bibliography. The subjects covered are: zakah and economic aggregates, zakah in macro models of Islamic economy; socio-economic role of zakah and zakah and taxation.

For students and researchers. Most of the papers are based on primary sources of Shari’ah and contemporary economic literature. Documented.

322:7 SHIRAZI, NASIM SHAH, System of Zakat in Pakistan: An appraisal, Islamabad: International Institute of Islamic Economics, 1996, 156 pp.

Gives background of the zakah law in Pakistan. Moves on to zakah distribution and its effect on poverty alleviation in Pakistan. Uses Household Income Survey Data published by the Bureau of Statistics, Government of Pakistan in 1990-91. Concludes that zakah has affected the income levels of over 1.73 million people. But since the size of population suffering from poverty is very large and the assistance provided by zakah is inadequate, the society as a whole has not been able to alleviate poverty. Gives a number of suggestions. Provides a comprehensive bibliography.

For economists. Based on published data and primary sources of Islam. Uses tables and diagrams. Documented.

322:8 SHIRAZI, NASIM SHAH, "The Impact of Zakah and ‘Ushr: Some Empirical Findings for Pakistan", in Mohibulhaq Sahibzada (ed.), Poverty Alleviation in Pakistan, Islamabad: Institute of Policy Studies, 1997, pp. 335-348

Based on household income surveys by the Federal Statistical Bureau, Government of Pakistan, determines the extent of poverty in Pakistan. Estimates the role being played by zakah and ushr in alleviating poverty in Pakistan. Concludes that the role is only marginal at present.

For economists and students of islamic economics. Based on published data. Documented.


323 Zakah as a fiscal tool


323:1 KAHF, MONZER, "Zakah and Obligatory Expenditures”, in his Lessons in Islamic Economics, Vol. 2, Jeddah: Islamic Research and Training Institute, 1998, pp. 527-540. Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5August 1991.

Discusses the issue of zakah and obligatory transfers in the Muslim economy. It is a first ever institution in human history for obligatory transfer of income and wealth from the rich to the poor. Zakah is a fiscal tool of the Islamic economy.

For economists and general readers. Based on primary sources. Documented.

323:2 KAHF, MONZER, "Potential Effects of Zakat on Government Budget", IIUM Journal of Economics and Management, Kuala Lumpur, (5:1), 1997, pp.67-86.

Studies the potential direct and indirect effects of zakah implementation on the budget. Takes Pakistan as a case study. Concludes that there is a potential direct substitution effect of zakah in replacing certain items of the government budget that corresponds to the eight recipients of zakah. Hence the amount of zakah proceeds spent on them must reduce an equivalent amount in the budget, thus making it possible to release budgetary revenues for the social needs. Also there are potential indirect effects of zakah implementation on productivity and the ability to be taxed, on aggregate consumption and investment, on employment, and on the amenability of zakah to be a tool of government economic policy.

323:3 SHAHAB, RAFIULLAH, "Nizam-i-Zakat: The Fiscal System of the Islamic State," Hamdard Islamicus, Karachi, (XXI: 4), Oct.1998, pp.41-45.

A simple description of the system of zakah. Argues that all capital including machinery is subject to zakah. Similarly, the lands of Pakistan are kharaji lands and the government should levy kharaj on them.

For general readers. Based on primary sources. Documented.

323:4 THANI, MUHAMMAD, "Islami Nazm e Ma'eeshat aur Kafalat 'Aama men Zakat ki Ahmiyat' (Urdu) [Importance of Zakah in Public Maintenance] Fikro Nazar, Islamabad, (38:3), April 2001, pp.21-49.

A comprehensive essay on the role of zakah in public maintenance and alleviation of poverty.

For jurists and Islamic scholars. Based on primary sources. Documented.

324 Other sources of revenue including `ushr, fai' ghanima, khums, and kharaj


324:1GWANDU, A. A., "Sources of Revenue in Islam," in R.I. Molla, et.el. (Eds.) Frontiers and Mechanics of Islamic Economics, Sokoto: University of Sokoto, 1988, pp. 141-149

Defines the terms ushr, fai’, ghanima, jizya and kharaj in the light of primary sources of Islam. Uses historical evidence to illustrate his conclusions.

For Muslim economists and jurists. Based on primary sources. Documented.

325 State and local government finance including bait al-mal


325:1 KAHF, MONZER, Instruments of Meeting Budget Deficit in Islamic Economy, Jeddah: Islamic Research and Training Institute, 1997, 86 pp.

Discusses the principles of public borrowing from Islamic perspective. Discusses various possible financial instruments involving sale, ijara, mudaraba, musharaka and debt for mobilizing resources, should an Islamic state face budget deficit. Contains several original ideas for meeting the challenge.

For economists and state policy makers. Based on primary sources. Documented.

326 Zakah administration


326:1 AKKAS, S.M. ALI, "Towards Institutionalizing Zakah at Private Level: The 'PARSHI' (Neighborhood) Model", Thoughts on Economics, Dhaka, (10:3-4), Jul-Dec 2000, pp. 35-51.

Observes that the organization of zakah at state level has not been successful in Bangladesh because of lack of people's trust in the government. Therefore, zakah should be organized at private level. The communities should organize it around a central mosque. The management should be from the local community and funds collected should be spent in the same community.

Based on primary sources and published data. For policy makers, economists and community workers. Documented.

326:2 ARIFF, MOHAMED (ed.),The Islamic Voluntary Sector in Southeast Asia , Singapore: Institute of Southeast Asian Studies, 1991, 258 pp.

It is a compendium of ten papers on role of Islamic voluntary sector in Southeast Asian economies. Besides an introductory chapter by the editor and a theoretical paper by Nejatullah Siddiqi, rest of the papers are case studies relating to zakah and waqf in Indonesia, Malaysia, Thailand, Singapore, and the Philippines.

Analytical and informative. For Muslim economists and NGOs. Based on published data. Documented.

326:3 ASHKER, A.A.FATTAH EL-, The Institutional Framework of Zakah: Dimensions and Implications, Jeddah: Islamic Research and Training Institute, 1995 506 pp.

Proceedings of Third Zakah Conference held in Kuala Lumpur, Malaysia during 14-17 May 1990, organized jointly by Islamic Centre of Malaysia, Zakah and Income Tax Department of Saudi Arabia, The Zakah House of Kuwait, International Shari’ah Board of Kuwait and Islamic Research and Training Institute, Jeddah. It has seven papers and seven case studies. Most of the papers deal with zakah administration.

For policy makers and administrators. Most of the papers are based on published sources.

326:4 GUSAU, SULE AHMED, "Problems that May Arise as a Country Implements Zakat," Hamdard Islamicus, Karachi, (XXII: 2), April 1999, pp. 13-19.

Discusses administrative problems in implementing the system of zakah in a contemporary Muslim society.

For general readers. Based on primary sources. Documented.

326:5 KAHF, MONZER, Zakah Management in Some Muslim Countries, Jeddah: Islamic Research and Training Institute, 2000, 54 pp.

Reviews zakah management practices of Pakistan, Kuwait, Jordan and Egypt. Identifies, the problems and challenges and suggests solution for zakah administration in the present age.

For managers and policy makers. Based on primary sources and published data. Documented.

326:6 ZAINALABIDIN, TAYYIB, "Institution of Zakah and the Muslim World", in Mohibulhaq Sahibzada (ed.), Poverty Alleviation in Pakistan, Islamabad: Institute of Policy Studies, 1997, pp. 287-322

A comprehensive paper on zakah collected and disbursed in various Muslim countries. Analyses the impact of zakah distribution in various countries in alleviating poverty. Concludes that inter-country transfers are a must to help some of the extremely poor countries as local zakah of these countries cannot suffice.

Based on published statistics. For economists. Documented.

326:7 ZAMAN, M. RAQUIBUZ, Some Administrative Aspects of the Collection and Distribution of Zakah and the Distributive Effects of the Zakah in Modern Economies, Jeddah: Centre for Research on Islamic Economics, 1987, 73 pp.

There is a need to reconsider the coverage of zakah and levels of wealth that oblige the owner to pay zakah with a view to ensuring equity among zakah payers. The author suggests an administrative setup for collecting and distributing zakah which is low cost, and simple and allows a major role in zakah administration to local communities. Finally, the author presents simulated results of the distributive effects of zakah for two economies one very poor and the other relatively rich extracting his data from published sources. This shows a way to planners and policy makers in the Muslim countries.

Based on primary sources and on temporary published data. For economists and policy makers. Documented.

327 Waqf


327:1 AHMED, HASANUDDIN, Strategies to Develop Waqf Administration in India, Jeddah: Islamic Research and Training Institute, 1998, 186 pp.

Gives a brief history of waqf in India. Provides a detailed description of the waqf law in India. Discusses administration of main waqf properties in various states and provinces of India. Makes a comprehensive set of recommendations for improving the waqf administration in India.

For administrators of waqf properties. Based on legal and administrative documents. Documented.

327:2 BOUDJELLAL, MOHAMMED, The Need for a New Approach of the Socioeconomic Developing Role of the Waqf in the 21st Century, 11 pp. Unpublished. Presented to the International Conference on Islamic Economics in 21st Century, organized by the IIU, Malaysia during 9-12 August 1999 at Kuala Lumpur.

Argues that there is need to develop cash awqaf with modern management practices. These awqaf should be able to invest their funds in profitable Shari’ah-compliant projects. The profits earned could be applied to meet the management expenses, maintenance of assets and distribution among the intended beneficiaries.

For policy makers and administrators. Based on primary sources. Documented.

327:3 CIZAKCA, MURAT, "Awqaf in History and Its Implications for Modern Islamic Economies," Islamic Economic Studies, Jeddah, (6:1), Nov.1998, pp. 43-72.

Traces evolution and history of cash waqfs during the Ottoman empire. Argues that the institution can become a basis for Islamic banking. A mechanism of triple mudaraba should be introduced. At the first level, various persons who want to devote their funds for cash waqf should join hands to pool resources and found a cash waqf fund. The fund should be treated as a mudarib. The fund could then provide its capital to Islamic banks on long term basis, enabling the banks to provide finance for longer periods. The Islamic banks can then act as mudarib for the fund but rabb al-mal for the mudaraba companies. The mudaraba companies can then act as rabb al-mal for entrepreneurs at the third level. The mechanism solves the problem of mismatch of maturities which the present Islamic banks face.

For economists and bankers. Based on primary sources. Documented.

327:4 HENNIGAN, PETER CHARLES, The Birth of a Legal Institution: The Formation of Waqf in the Third Century Hanafi Legal Discourse, 1999, 317 pp. Unpublished. Ph.D. dissertation, Cornell University, 1999. Document Number AAT9927400.

A systematic analysis of of Hilal al-Ray's Ahkam al-Waqf (d. 245(AH) and al-Khassaf's Ahkam al-Awqaf (d. 261AH).

For jurists. based on primary sources. Documented.

327:5 SADEQ, A. H. M., Socio-Economic Development Role of Waqf in the 21st Century and Restructuring of Its Administration, 26 pp. Unpublished. Presented to the International Conference on Islamic Economics in the 21st Century organized by the IIU Malaysia at Kuala Lumpur during 9-12 August, 1999.

Argues that in the present day we need to plan creation of waqfs where people could place funds for long-term and short-term. Special waqf certificates may be created for this purpose. Studies waqf institutions of Bangladesh and makes recommendations for restructuring them.

For policy makers. Based on primary sources. Documented.

328 Islamic system of taxation


328:1 SAYED, AFZAL, "Place for Expenditure Tax in the Islamic Fiscal System", Journal of King Abdulaziz University: Islamic Economics, Jeddah, (11), 1999, pp.29-58.

Develops a case for introducing expenditure tax in Muslim countries. Thinks that the tax would be in line with overall Shari’ah framework, besides having a number of merits on economic grounds.

For economists. Based on primary sources and contemporary literature. Documented.

328:2 UTHMAN, USAMAH A., "An In-Kind Tax on Agricultural Products, Agricultural Land and Livestock: A Preliminary Study in the Comparative Economics of Taxation", Review of Islamic Economics, Leicester, (4:2), 1997, pp. 13-40.

Provides a preliminary demonstration of salient features of zakah mainly as an in-kind tax. Draws attention to certain optimal properties of zakah on agricultural products, agricultural land and livestock. Starting from a fundamental juristic background, the paper addresses the relevant issues of tax incidence and welfare cost for zakah in comparison with property tax, payroll tax and profit tax. Also examines impact on government revenues as well as some elements of a good tax, involving comparison with Western experience.

For economists. Based on primary sources and contemporary economic thought. Documented.


330 Insurance in Islamic Framework

331 Critique of modern insurance theory and practice


331:1 BILLAH, M. MASUM, "Insurable Interest: Can the Modern Law be adopted in Takaful Operations? An Analysis", Journal of Islamic Banking and Finance, Karachi, (17;2), April 2000, pp. 60-63.

Argues that the present day concept of insurable interest is not valid from the Shari’ah point of view. A person can have insurable interest only in his own property or life. In case of death, his insurance money would be distributed according to the Shari’ah law. However, if a person likes to buy an insurance policy for others it can be by way of sadaqa, hiba or wasiya. It will not create any insurable interest for him.

For jurists. Based on primary sources. Partially documented.

331:2 BILLAH, M. MASUM, "Principles of Contract Affecting Takaful and Insurance", Journal of islamic Banking and Finance, Karachi, (17:3), July 2000, pp.7-43.

Both insurance under common law and takaful under the Islamic law share the common goal of providing a reasonable financial security against unpredicted catastrophe. However, there are some aspects of practical mechanisms whereby both systems stand on their own platforms. The paper compares both these platforms.

For economists, jurists, and policy makers. Based on primary sources and contemporary literature. Documented.

331:3 KHAN, ATIQ-UZ-ZAFAR, "Insurance and Takaful: Some Clarifications," Journal of Islamic Banking and Finance, Karachi, (16:4), Oct.1999, pp. 41-47.

Reviews the article of Masum Billah (JIBF, 14:2, April 1997). Criticizes the writer for creating confusion between Islamic takaful and present insurance. Supports the former and rejects the latter.

For Muslim economists. Based on primary sources. Documented.

331:4 LATIF, HAFIZ M., "Beema aur Islam," (Urdu) (Insurance and Islam) al-Balagh, Karachi, 11-12/1400, pp. 29-38, 37-47,21-39. [PUBLICATION DATES: Dhi qa'adah 1400, Dhil Hajj 1400, Muharram 1401 AH]

Gives a brief description of the business of insurance as developed in the West. Argues that the present system of insurance suffers from two defects: it has an element of riba. It involves gambling. If the present day business is modified to remove these two elements, the insurance can become Islamic. Suggests some sort of mutual insurance.

For general readers. based on primary sources of the Shari’ah.


332 Concept of insurance in Islamic framework


332:1 ASHRAF, S. M. A., "Insurance: The Islamic Point of View", Journal of Islamic Banking and Finance, Karachi, (14:3), July 1997, pp. 28-36.

Presents classical view about insurance, which argues that the present practice is un-Islamic. Suggests modifications for bringing the practice closer to Islam.

For general readers. Based on secondary sources. Documented.

332:2 BHATTY, M. AJMAL, "Insurance and Takaful," New Horizon, London, (102), Sept. 2000, pp. 10-11.

Gives a brief introduction about insurance and takaful. Argues that the concept of insurance is compatible with the Shari’ah. However, it differs from takaful, which has an Islamic basis.

Based on personal experience of the author. Undocumented.

332:3 BILLAH, M. MASUM, "Islamic Insurance: Its Original Sketch and Development Scenario", Journal of Islamic Banking and Finance, Karachi, (14:2), April 1997, pp. 17-64.

Reviews the growth and evolution of modern insurance. Concludes that the concept and philosophy of insurance, including life insurance is compatible with Islam. Quotes opinions of several leading jurists in his support. Also points out the dissenting opinion and gives his comments on that opinion. However, makes suggestions to bring practice of contemporary insurance in conformity with the Shari’ah.

For jurists. Based on primary sources. Documented.

332:4 BILLAH, M. MASUM, "Quantum of Damages in Takaful: A Reappraisal of the Possibility of Adopting the Doctrines of al-Diyah and al-Daman", Arab Law Quarterly, London, (14:4), 1999, pp. 339-360. [Also published in Journal of Islamic Banking and Finance, Karachi, (17:1), Jan. 2000, pp.25-52.]

Provisions relating to quantum of damages against bodily injuries or accidental death under the law are more comprehensive when compared to the common law principles. Under the common law, compensation is decided on the extent of loss of future earnings, which may be unfair to the party liable as it is given on the basis of status, position, age or sex of the victim. The notion of compensation is dominated by an unlimited luxurious gain, rather than a reasonable and equitable indemnity against pain and suffering. Under the Islamic law compensation is not related to loss of future earnings. Instead, it is based on the principles of al-diyah and al-daman. Takaful can adopt the Islamic principles as it is more comprehensive and is free from uncertainty.

For jurists. Based on primary sources. Documented.

332:5 BILLAH, M. MASUM, "Regulatory Framework of Islamic Life Insurance in the Global Context", Journal of Islamic Banking and Finance, Karachi, (19:1), Jan. 2002, pp. 38-64.

Explains the concept of family takaful. Compares it with contemporary life insurance. Defends the family takaful and refutes the fatwas against it and justifies it on the criteria of the Shari’ah.

For jurists and practicing insurance players. Based on primary sources. Documented.

332:6 BILLAH, M. MASUM, "Shari’ah Requirements of the Parties to Takaful", Journal of Islamic Banking and Finance, Karachi, (19:2), April 2002, pp.39-52.

Discusses the Takaful Act 1984 of Malaysia. Analyzes the Act with reference to its clauses relating to Shari’ah requirements. A critical appraisal of the Act.

For jurists. Based on primary sources. Documented.

332:7 BILLAH, M. MASUM, "Principles of Contract Affecting Takaful and Insurance", Journal of Islamic Banking and Finance, Karachi, (17:4), Oct. 2000, pp. 33-64.

Examines legal principles applicable to takaful and conventional insurance contract. Uses the Malaysian laws as point of reference. Concludes that the two contracts are similar so far as their objectives are concerned but differ in practice. Highlights the differences.

For economists and insurance specialists. Based on primary sources. Documented.

332:8 BILLAH, M. MASUM, "Beneficiaries in Islamic Life Insurance in the Global Context", New Horizon, London, (101), Aug 2000, pp. 6-7.

Argues that the principle of Islamic takaful is as follows: From out of the insurance policy money of the Muslim deceased, debt shall be settled first, then funeral expenses, then any will to the extent of one-third of the whole property and the left over shall be distributed among the Shari’ah-recognized heirs.

For jurists. Based on primary sources. Documented.

332:9 BILLAH, M. MASUM, "Is Life Insurance Lawful in Shari’ah?" Thoughts on Economics, Dhaka, (6:4), Oct-Dec 1996, pp. 51-60.

Presents a model of life insurance and argues that it is in conformity with the Shari’ah. Criticizes a recent fatwa of Sheikh al- Azhar declaring insurance as against the Shari’ah. Thinks that with suitable modifications the present concept of life insurance can be made to conform to the Shari’ah.

332:10 BILLAH, M. MASUM, "Life Insurance: The Islamic Model," in Asma Siddiqi (ed.), Anthology of Islamic Banking, London: Islamic Institute of Banking and Insurance, 2000, pp. 457-462

Develops an Islamic model of life insurance based on the concept of mutual insurance. Shows how it is different from the conventional insurance. Disagrees with those who condemn insurance as un-Islamic as a concept. However, agrees with them that the conventional insurance practice is not line with the Islamic framework.

For jurists. Based on primary sources. Documented.

332:11 HASAN, SAMEE AL-, "Insurance According to the Tenets of Islam", Journal of Islamic Banking and Finance, Karachi, (14:3), July 1997, pp.45-52.

Argues that the contemporary practice of insurance is acceptable to the Shari’ah. There is nothing wrong about it. Rebuts the objections of those who consider it un-Islamic.

For general readers. Based on contemporary sources. Undocumented.

332:12 SHAKIR, IKRAM, "Tomorrow's Takaful Products," in Asma Siddiqi (ed.), Anthology of Islamic Banking, London: Institute of Islamic Banking and Insurance, 2000, pp. 463-467

The Islamic takaful companies should carefully study the changes taking place in the Western societies. In the light of this analysis they should develop suitable products. The takaful products of tomorrow would be pension and annuity products, long-term products, and medical care products.

For managers of takaful companies. Based on practical experience. Undocumented.

333 Islamic insurance in practice


333:1 BHATTY, M. AJMAL, "Takaful Industry: Global Profile and Trends, 2001", New Horizon, London, (108), April 2001 pp. 10-12.

Reviews the size of takaful industry worldwide. Evaluates the industry on the criteria of generally accepted indicators and finds that there was still great potential for development.

For general readers and practicing Islamic insurers. Based on published information. Undocumented.

333:2 BILLAH, M. MASUM, "Takaful (Islamic Insurance)", New Horizon, London, (83), Jan.1999, pp. 3-6.

Discusses the concept of Islamic insurance. Comments on the practice of Islamic insurance and points out some deficiencies from Islamic perspective. Makes suggestions to bring the practice closer to ideal Islamic position.

For general readers. Based on primary sources. Undocumented.

333:3 YUSOF, M. FADZLI, "An Overview of the Takaful Industry", New Horizon, London, (107), March 2001, pp. 9-11.

Starting from a review in Malaysia moves on to a global review of takaful industry. Identifies main issues as: adequate capital, trained manpower, re-takaful, investment of takaful funds, harmonization of practice and legislative support.

For general readers and practitioners of Islamic insurance. Based on practical experience of the author. Undocumented.



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