Advantages And Disadvantages Of Insurance
All human beings are invariably exposed to the possibility of meeting catastrophes or disasters giving rise to misfortunes and sufferings such as death, loss of limbs, accident, destruction of business or wealth and so on. Parallel to the belief of all Muslims in the sixth pillars of Iman which is Qadha’ and Qadr, Islam provides that one must find ways and means to avoid such catastrophes wherever possible, and to minimize his or his family 's financial losses should such events occur. One possible way out is to buy an insurance cover as in the conventional system.
Insurance is a bilateral contract between two parties which are insurer (insurance operator) and insured (policy holder). By entering that contract, insured need to pay monthly premium and if insured do has loss in the future, insurer will cover that loss as the insurer promise to pay for the consequences. In other words, it could be said that insurer indemnifies policy holder of a defined loss in exchange for premium payments. This action can be described as transferring the risk from policy holder to insurance operator. However, insurers only insure the pure risk only and the do not cover speculative risk.
Nevertheless, on 15th June of 1972, The Fatwa Committee of the National Council for Islamic Religious Affairs Malaysia at its meeting decided that life insurance provided by present day insurance companies is a business transaction which is voidable because it contradicts the Islamic business principles in
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