07-21-2009, 11:22 PM
I must however remind that there are objections over some of the products of the Islamic banks as they are way too similar to conventional banking products e.g. Ijarah-wal-iqtina, Sale and Leaseback, Murabaha.
Even in the case of Islamic Insurance (Takaful) an argument can be given that the person who suffers the loss will enjoy the premium of all policy holders and there is a factor of chance, so it makes insurance like gambling.
Even in the case of Islamic Insurance (Takaful) an argument can be given that the person who suffers the loss will enjoy the premium of all policy holders and there is a factor of chance, so it makes insurance like gambling.
