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surance is permissible in Islam or how to organize it islamically was in existence for a very long time and many writers’ tries to answer this important question according to their understanding. Some viewed it as gambling or breach of Divine providence while others consider it as prohibited “Gharar” transaction. Salahi, Adil stated on Arab New March (1990), that “It appears that the persons following Islam object to insurance due to lack of understanding what insurance really is and what it does. He further stated that when we know that life insurance is nothing but an honorable way of looking after orphans, widows, the aged and the infirm, we would be sure that no religion does ever stand between those who need it and all that it does”.

There are some Islamic jurist (scholars or Ulamah) who find an element of gambling in all kinds of insurance as a matter of principle. They also find some other objectionable features such as Riba (usury), and Garrah (uncertainty) inalienably associated with insurance. Because of the involvement these elements of Gambling, Riba and Gharrah in insurance, an overwhelming majority of the Islamic Jurists are on the opinion that the conventional insurance contract does not in its present form conform to the Islamic Shariah and regard it as an “unnecessary innovation”. Amongst these Ulamah (scholars) are: Sheikh Bakeet (355:72), Abdullahi Al-Qalqeeli (365), Mustafa Zaid (597:376), Mufti Muhammad Shafi (351), Jalal Mustapha Al-Sayyad and Shaukat Ali Khan (M.N Siddiqi, 1981).

On the contrary, many writers believe otherwise. They do not find Riba and uncertainty inalienably associated with insurance such writers are M.N Siddiqi (1981) and (1985), M.A Mannan (1975). However M.N Siddiqi (1985) maintains that insurance and gambling are basically different from each other, and that Islam is not inherently opposed to the idea of covering calculable risks (insurance). From an Islamic view point the present forms of insurance suffers from certain evils but are not inherent to the principles of insurance as such. This statement is also supported by the resolution of the first conference of Islamic Economics (1976) see chapter one.

Siddiqi (1981) added that several writers see nothing wrong in insurance as far as the basic principles are concerned. It is free from gambling, can be freed from interest and the ‘jahl’ (ignorance) and ‘gharar’ (uncertainty) in it are not of a degree large enough to call for its prohibition. These writers include Zarga, Yousuf Mousa, Ali Al-Kaseef, Mahmoud Al-Baby, Sanousi, Roohani, Tahawi, Taqi AMini Sheikh Mahmoud Ahmad, M.A Mannan, Shaheedi, Anwad and Siddiqi himself.

M.A Mannan (1975) ruled that there is no provision in Islam that prohibits one from providing for the maintenance of his dependants. Insurance companies, by covering ones risks and uncertainties ensures provision for his dependants because insurance is a forced saving he further points out that it is Allah’s will that no individual should be bereft of the reasonable means of existence and should be immunes from any and every encroachment, this objective is the supreme duty of the Islamic state.

The views of the majority of the Islamic jurist, the logic in their arguments for Islamic insurance and finally the resolution of the first Islamic Economic Conference, Makkah 1976, has since resolved the controversy. The position fin