Shariah-Compliant insurance, also known as takaful, has been the subject of a considerable amount of scrutiny in recent months since the US Treasury took nearly full ownership and control of insurance giant AIG, which has an active takaful division.

This is because the purpose of Shariah Finance–and Shariah-Compliant insurance–is to promote shariah and Islam. It is patently unconstitutional for the US Treasury to be up to its ears in such activity. This is the subject of a high-profile legal proceeding, as we have reported on these pages.

However, “Islamic insurance” is also on the rise elsewhere, as the article linked below explains. Buried deep in the article is an interesting tidbit in which it is declared that Arab states only account for about 24% of the market, but South Asian states, including Iran, account for 75% or so. They don’t break down the Iran share, but, as we know, Iran dominates the world of shariah finance, so it would not at all be surprising if Iran also dominated the world of takaful…

http://www.thenational.ae/article/20090705/BUSINESS/707059951/-1/NEWS

 

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