ISLAMIZATION OF INSURANCE
Insurance is aactually a way of doing busniness in which the person buying the insurance policy is guraparanteed to cover future risks . the beginnings of the historical continuity of this business are dated by some historians as far back as 600 BC , but what is known is that the first formal contarct for the protection of goods and compensation for damages during the shipping of commerial goods was made in about 1368 AD and this type in ninetheen centuary , contract bacame more and more regular and become almost universal through out the world and were considered indispensible for international trade as a result of this prevalence and generataly the muslim businessman turned towards insurance in the greed and compulsion of commerial profiting then the current form of insurance was presented to the muslim Fuqaha and Ulama by the muslim busineesmen and the Fuqaha explained the details of its ruling tell me among our Jurist Allama Ibn Abideen MUHAMMAD Amin Al Shami is almost the first researcher who has discussed the traditional form of insurance and its jurisprudential ruling in his footnote '' Rad al -Mukhtar Alal Dur al-MUKHTAR '' and at the end he said '' he said that it is illlegal and forbidden''
This first fatwa Allama Ibn-Abideen's about insurance was the first and last research position of the Hanafi Fuqaha and Ulama 'that is why the Hanafi Ulama and Fuqaha have been convinced of the illegitimacy of insurance in almost all times and considers insurance as illitimate
The Hanafi Ulama and Fuqaha and reserchers never hesitated to prohibit insurance . But there have been some arab scholars and resercher who on the basic of the global spread of insurance the essantial part of trade and the reasonableness of the compension of risks and guarantees instead of calling insurance against islam declared it to be in accordance with Islamic thought and mood and for this position he used his scholarlly and scholarly strenght in a full way among such arab scholars 'Mufti of Palistine Sayyid Amin Al Husseini , Ustad Halaf and Ustad Mustafa Zarqa are especially remembered
Allama Mustafa al Zarqa wrote a formal artical entitled '' Uqd ul Tameen wa Maqaf al Shariah'' in which he presented the importance and necessity of insurance and its justifiacation in islamic jurisprudence with great force . Although Scholar Abu Zahra Masri tried hard to answer mufti Zarqa and answered his philoosophicial assumption and jurisprudential arguments in a vigorous manner but this written efforts of Mutafa Zarqa and other scholars of his ilk has lost its good repution among Islamic thinkers .
It left a special impacts and thus the difference in the issue of insurance is still found in the Muslim Ummah but the fact is that it is forbidden to take insurance to be insured and to be its agent
In short , it began to be said that since the western industrial revolution of the nineteen cenuatry had dominated the world the only way to reconcile the west and islam was to adapt Western trade form with there accessories to islam and to therefore such deviation should be made from islamic jurisprudence that will help in adopting the forms of investment molded in the molds of Western thought and philosophy as islamic otherwise Muslims cannot be partners in the industrial development of the world and all muslim will be odinary worldly people in worldly affairs will be left behind and will live a life of backwardness and proverty therefore under this global ecomomic necessity muslim will inevitably have to islamize the commerial forms and there essential that came from the West
Shykh Zarqa contampories ustad halaf etc adopted the position that insurance is absolutly permissible and many Arab and non Arab scholars agreed with there opinion and a theory of the absolute legittimacy of insurance has started but the fact is that the prevailing insurance includes both gambling and interest in whatever form it is given so islam and shariat have declared it haram.
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