Why do we need Insurance?

Insurance is all about minimizing the financial consequence of a risk that materializes. Insurance transfer the financial consequence of a loss one suffers to an Insurance company for a relatively small amount of money known as premiums which are paid to the Insurance company. The Insurance company maintains a fund from all the people who … Continue reading Why do we need Insurance?

Insurance Series Blog Series No. 1 Introduction to Sharia Compliant Insurance – Takaful.

Islam has not prohibited insurance contrary to commonly held beliefs. As far as the concept of insurance in Islam is concerned, it is to cover the risk of loss, or the "fortunate many helping the unfortunate few". This concept is not only allowed, but also encouraged in Islam. "Help one another in righteousness and piety, … Continue reading Insurance Series Blog Series No. 1 Introduction to Sharia Compliant Insurance – Takaful.

Introduction to Risk Management

Risk Management has numerous definitions usually based on the context in which it is being discussed among these are: “Risk management is formal process that enables the identification, assessment, planning and management of risk.” [1](Merna and Al Thani 2010) COSO ERM defines enterprise risk management as a process designed to identify potential events that may … Continue reading Introduction to Risk Management