Lecture Prepared by Mr. Atiquzzafar Khan
IIIE, International Islamic University, Islamabad, Pakistan
About The Course & How To Use This Lecture
The Distance Learning Course entitled “Fundamentals of Islamic Economics” is a joint offering of Imam Sadiq University, Tehran, Iran; International Islamic University, Islamabad, Pakistan; Markfield Institute of Higher Education, Leicester, UK; and Islamic Research and Training Institute (IRTI), Islamic Development Bank with participation of Kuwait University, Kuwait and Imam Ouzai University, Lebanon.
The Lecture no. 9 of this course is prepared by Mr. Atiquzzafar Khan of IIIE, International Islamic University, Islamabad, Pakistan.
Students are required to read the lecture/notes before attending the lecture in a Distance Learning session. They are also expected to read through some supplementary reading material indicated at the end of each lecture.
For active learning take notes and ask questions during the lecture. You will also have opportunity to interact with the lecturer through e-mail for a period of one week after the lecture.
Views expressed in this lecture, as well as any errors, are sole responsibility of the authors and do not necessarily represent the opinions of IRTI/IDB Board of Governors or other members of the IRTI staff. The same applies to the collaborating institutions of this course.
© 2005. Copying of this lecture in any form (print, electronic, or other retrieval systems) for commercial purposes is not allowed without an explicit permission of IRTI, Islamic Development Bank.
For inquiries write to: Islamic Banking and Finance Division, Islamic Research and Training Institute, P.O. Box 9210, Jeddah 21413, Saudi Arabia. E-mail: email@example.com
Insurance is an important sector for any present day modern economy. This business has
References: Encyclopedia Britannica (11 th Ed.), Cambridge, 1911. 2. Frank H. Knight, "Risk, Uncertainty, and profit", Houghton Mifflin, Boston, 1921, pp Lahore, 1978, pp. 19. 5. Crane G. Frederick, "Insurance Principles & Practices", John Wiley & Sons, New York, 1980, pp 6. E. F. Brigham, "Financial Management: Theory and Practice", 4th ed., Dryden Press, Chicago, 1985, pp 11. Abul A 'la Maududi, Ma 'ashiat-e-lslam, Islamic Publications Limited, Lahore, 1988, pp.408. 12. Siddiqi, M. Nijatullah, "Muslim Economic Thinking", International Centre for Research in Islamic Economics, Jeddah, 1981, pp 16. Ahmad Fahmi, "Al-Tamin" I 'nd al-Nawazil wa-al-hawa 'ij", paper presented at the First International Conference on Islamic Economics, Makkah, 1976. 17. Dr. M. Muslihuddin," Insurance and Islamic Law"lslamic Publications Limited, Lahore, 1979. 18. Jalal Mustafa, "Al-Ta 'min wa ba 'dh al-Shubhat", paper presented at First International Conference on Islamic Economics, Makkah, 1976. Islamic Economics, Makkah, 1976. Council of Islamic Ideology, "Report on Islamic Insurance System", 1992, pp.47. 35. M. Fadzli Yousof, 'Takaful: An Islamic Alternative to Insurance", Islamic Banking and Insurance, Islamic Bank Bangladesh Limited, Dhaka, 1990, p.61-75