Muslim Insurance Principles

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Hi all readers! Are you looking for an explanation of muslim insurance principles? If your answer is “Yes”, congratulations! Now you are reading the right article. Why? Because that is what I will explain in this article. As Muslims, we must understand that. That’s why I wrote this article. So, you should read it to the end!

Specifically, there are some important things about muslim insurance principles which I will explain in this article. Some of the important things I mean are as follows:

A. Meaning of Muslim Insurance.
B. Purpose of Muslim Insurance.
C. Is There Any Muslim Insurance?
D. Seven Principles of Muslim Insurance.

Meaning of Muslim Insurance

The first important point about the muslim insurance principles that I will explain now is the meaning of muslim insurance. I want you to understand that first before you read more explanations in this article because that is the basic discussion in this article that should be well understood.

If we read some Islamic literature about muslim insurance, we will find an explanation that muslim insurance is an attempt to protect and help each other among a number of people. This is done through investments that provide returns to meet certain risks through agreements that comply with sharia or Islamic rules.

In muslim insurance there is a system. All participants of muslim insurance will contribute if there are other participants who suffer losses. In other words, the role of muslim insurance companies is only to take care of operational and investment matters from a number of insurance funds.

That is a brief explanation of the meaning of muslim insurance. As Muslims, we must understand that.

Purpose of Muslim Insurance

The second important point about muslim insurance principles that I will explain now is the purpose of muslim insurance. I want you to understand that because it is one of the important discussions about muslim insurance that must be understood well. In addition, there are some Muslims who do not understand it well.

If we read some of the past literatures about muslim insurance, we will find an explanation that the purpose of muslim insurance is the welfare of Muslims, not getting a lot of benefits like the goals of conventional insurance.

We can find an explanation that the welfare of these Muslims as the main goal of muslim insurance if we understand the meaning of muslim insurance and muslim insurance principles. I highly recommend you to understand the meaning of muslim insurance as I explained earlier. You can also read explanations about it in several other articles. As for muslim insurance principles, I will explain them all in a moment.

So, simply and in other terms, I want to say that the purpose of muslim insurance is for Muslims to get good things especially financially.

That’s a brief explanation of the purpose of muslim insurance. As Muslims, we must understand that.

Is There Any Muslim Insurance?

The third important point about the muslim insurance principles that I will explain now is “is there any muslim insurance?”. I want you to understand that because it is one of the important questions about muslim insurance that is not well understood. In addition, there are some Muslims who doubt that there is Muslim insurance.

One important thing I want to clarify before I explain the answer to this question, is that muslim insurance is an insurance that uses sharia principles and Islamic rules as insurance principles. Muslim insurance makes sharia principles and Islamic rules the principles of managing insurance companies and managing insurance funds.

So, if you want to know whether an insurance company is muslim insurance company or a conventional insurance company, you have to understand how they manage the insurance company. If they make sharia principles and Islamic rules the principles of managing insurance companies and insurance funds, then the insurance company is a muslim insurance company. If they do not use sharia principles and Islamic rules as the principles of managing insurance companies and insurance funds, then the insurance company is not a muslim insurance company. That’s the standard.

In several previous articles, I have explained several things about health insurance in Islam, life insurance in Islam, car insurance in Islam, medical insurance in Islam, fatwas on health insurance in Islam, fatwas on life insurance in Islam, fatwas on car insurance in Islam, and fatwas on car insurance in Islam. Islam, fatwas on medical insurance in Islam, and so on. I highly recommend that you read them all so you know whether there is muslim insurance or not.

So, to put it simply, if you ask me, “is there any muslim insurance?”, the answer is that there is muslim insurance if the insurance company adopts sharia principles and Islamic rules as the principles for managing insurance companies and funds.

That’s a brief explanation of “is there any muslim insurance?”. As Muslims, we must understand that.

Read Also:

Concept of Takaful (Islamic Insurance)

Seven Principles of Muslim Insurance

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Founder, Author, Indonesian Blogger, Muslim, Graduate of Al-Azhar University, Cairo, Egypt.

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