Study on Islamic life insurance

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Study on Islamic life insurance

Chapter 1

Introduction

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Background to study:

Insurance is a financial industry which has surfaced as a colossal industry for both in Muslim and Non Muslin world. In Conventional Insurance there are many elements, activities and procedures which are considered unethical, unlawful and unislamic by majority of Islamic scholars. Elements such as uncertainty, gambling and excessive interest are the main culprits. (Khair Bakhsh, 2009). For the satisfaction of Muslim concern, market experts and Islamic scholars introduced an insurance with the name of Takaful.The increase in demand of Takaful system and the presence of large markets for its products is compelling the entitled authorities to introduce it in Pakistan as soon as possible.

Problem Statement:

What are the prospects and perception of Islamic life insurance in Peshawar?

Purpose of the study:

  • To review why convention system is prohibited in Islam
  • To compare Islamic Life Insurance (Takaful) with Contemporary Life Insurance.
  • To find out justification of an Islamic Life Insurance (Takaful)
  • Analysis of prospects of Takaful in Peshawar City.

Methodology

Applied Research:

In this research I will be studying existing Islamic life insurance system and adding no new finds to body of knowledge.

Scheme of study

Type of investigation:

This is a descriptive study:

The format, which will be followed in this study, is to find out justification of an Islamic Life Insurance and what are its prospects in Peshawar.

Cross-sectional Data:

In this research I will observe and study secondary data regarding Islamic Life Insurance and Conventional life Insurance system.

Unit of Study:

My research unit of analysis will be organization

Study Settings:

Field Study:

Study will be done in natural settings in which variables will not be controlled.

Researcher’s interference:

In this study researcher’s interference will be minimal and has no direct interference with the Islamic life insurance organizations because I am not allowed to interfere in the organizations.

Methodology:

The methods I will be using in the report are both Primary and Secondary data collection.

Secondary Data:

For this research I will use secondary data.

Sources:

Internet

Leading newspaper articles

Books related to Islamic life Insurance (Takaful)

Research instruments:

The instruments which will be used in my research to collect primary data are:

Observations

Questionnaires.

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