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of the definitions we have understood that insurance is based on risk management. It is important at this juncture to distinguish between various kinds of risks and also to determine which kind of risk insurance is based upon, because some risks are insurable while other are not.

W. A Dinsdale (1970). Argued that “not all risks are insurable: because they do not conform to the principles on which insurance is based”. Insurable risk is that which is measurable or calculable. This is called ‘pure risk’. It is this kind of risk that insurance is concerned with.

There is another class of risk called business risk and uncertainty which is not insurable. We shall first start with:

商业风险和不确定性——Business Risks and Uncertainties

This kind of risk is the risk that is encountered in everyday decisions or activities of businessmen. The price that a commodity will fetch in the market tomorrow is a risk in itself, because one has no certainty that the price or the commodity will incur a loss or a gain, and the producer has no way of telling exactly, the amount of loss or gain.

This calculation (of loss or gain) may turn out right or wrong, and he will earn profit or incur loss accordingly. The amount of gain or loss cannot however, be calculated in definite terms at the time of production of the article. This is an example of pure economic uncertainty, which is the basis of the modern theory of profit (M.N Siddiqi, 1985).

This kind of risk is a two-way phenomenon either loss or gain and it is characterized by uncertainty where nothing is known, therefore such risk is not insurable.

纯风险——Pure Risk

On the other hand this kind of risk is a one-way phenomenon, where the only outcome is ‘loss’. In this kind of risk experience and scientific devices can make one certain of the probability of the incidence of loss through accidents or other perils. Take an example of a ship meeting with an accident during voyages as given by M.N Siddiqi (1985) where he states that “on the basis of data about shipwrecks collected from observation of the movements of hundreds of thousands of ships, spread over a sufficiently long period of time, it is possible to work out an average which may serve as the measure of probability of a ship meeting with an accident”.

Unlike business risk and uncertainty, one can see that pure risk is not calculated on mere guess work or speculation, but on solid scientific principles and facts, like the law of probability. This risk is measurable and thus the concern of the business of insurance.

伊斯兰教的保险—— INSURANCE IN ISLAM

伊斯兰教和保险作为社会保障体系——Islam and Insurance as a Social Security System

Insurance is considered as a basic human need which provides relief to the victim of catastrophes and other social contingencies, these contingency may be biological; such as sudden death, sickness, disability as a result of injury at work, it can also be economical such as unemployment or natural disaster such as storm, fire and flood. This caused the economic efficiency of the victims to damage to the extent that they had to depend on other to fu