The element of gambling in conventional insurance and takaful

• Main Authors: Hashim, Suraiya, Shahidan, Asnida, Fadzim, Wan Roshidah
• Other Authors: Abu Bakar, Abu Sufian
• Format: Book Section
• Language: English
• Published: Jabatan Ekonomi Awam & Kewangan, Fakulti Ekonomi, Universiti Utara Malaysia 2005
• Subjects: BP Islam. Bahaism. Theosophy, etc; HG Finance
• Online Access: http://repo.uum.edu.my/1403/1/Suraiya%2C_Asnida_%26_Wan_Roshidah%5B1%5D.pdf; http://repo.uum.edu.my/1403/; http://lintas.uum.edu.my:8080/elmu/index.jsp?module=webopac-l&action=fullDisplayRetriever.jsp&szMaterialNo=0000234349

Conventional insurance is said to contain the prohibitive elements of usury (al-riba), uncertainty (al-gharar) and gambling (al-maisir). However, the central idea of insuring a party against pure risk does not contradict the Islamic spirit. The Islamic model of insurance or takaful is supposedly to...