SALAMA INSURANCE: THE NEED OF AN ISLAMIC LEGAL FRAMEWORK
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Date
2017
Authors
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Journal ISSN
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Publisher
Oum-El-Bouaghi University
Abstract
Many Muslims, for religious convictions are reluctant to take up
conventional insurance as it is deemed to have uncertainty, gambling and
interest, which are prohibited by religion. The purpose of this paper is to
examine Islamic Insurance in Algeria and analyse a suitable regulatory
framework.
One can argue that the trend towards Islamic insurance in Algeria
contributes to raising the level of insurance culture, which will help to
mobilize more savings. After studying the topic, we can provide a road
map to better regulating the Islamic insurance market because the Islamic
companies could not function in the absence of an Islamic insurance act.
In the absence of such a framework, regulators often treat Islamic
insurance companies similarly to conventional insurance companies,
which hinders the development of Islamic Insurance Industry.
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Keywords
Insurance, Islamic finance, Salama Insurance, Takaful