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How can insurance be Islamic?

Posted on 06 July 2010

From Ifinanceexpert: In an effort to provide Muslims with the convenience and flexibility of credit cards and mortgages, Islamic banks have developed shari’ah compliant financial products that eliminate interest. Instead, these Islamized credit cards and mortgages incorporate a profit-and-loss approach, where the lender assumes ownership risk in the goods and services financed.
However, what of insurance? Why does insurance need to be Islamized? Conventional insurance serves a very important function in the global economy by mitigating risk……………………………………….Full Article: Source

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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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