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    Lecture 02 Dibf 06202

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    thabiti mohamedi
    The document discusses the history and development of insurances and takaful. It traces the origins of insurance back to practices in ancient Rome, Babylon, and Greece. Modern insurance began in London in the 1600s when merchants and ship owners agreed to share profits and losses. Takaful evolved over time, with early models developing in Sudan, Malaysia, and the Gulf in the 1970s-1980s. The document also outlines historical takaful practices including the ancient Arab tradition of al-Aqilah and endorsements by the Prophet Muhammad and his companions.

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    Lecture 02 Dibf 06202

    Uploaded by

    thabiti mohamedi
    25 views13 pages
    The document discusses the history and development of insurances and takaful. It traces the origins of insurance back to practices in ancient Rome, Babylon, and Greece. Modern insurance began in London in the 1600s when merchants and ship owners agreed to share profits and losses. Takaful evolved over time, with early models developing in Sudan, Malaysia, and the Gulf in the 1970s-1980s. The document also outlines historical takaful practices including the ancient Arab tradition of al-Aqilah and endorsements by the Prophet Muhammad and his companions.

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    the document for islamic insurance

    Original Title

    LECTURE 02 DIBF 06202

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    The document discusses the history and development of insurances and takaful. It traces the origins of insurance back to practices in ancient Rome, Babylon, and Greece. Modern insurance began in London in the 1600s when merchants and ship owners agreed to share profits and losses. Takaful evolved over time, with early models developing in Sudan, Malaysia, and the Gulf in the 1970s-1980s. The document also outlines historical takaful practices including the ancient Arab tradition of al-Aqilah and endorsements by the Prophet Muhammad and his companions.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    25 views13 pages

    Lecture 02 Dibf 06202

    Uploaded by

    thabiti mohamedi
    The document discusses the history and development of insurances and takaful. It traces the origins of insurance back to practices in ancient Rome, Babylon, and Greece. Modern insurance began in London in the 1600s when merchants and ship owners agreed to share profits and losses. Takaful evolved over time, with early models developing in Sudan, Malaysia, and the Gulf in the 1970s-1980s. The document also outlines historical takaful practices including the ancient Arab tradition of al-Aqilah and endorsements by the Prophet Muhammad and his companions.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 13

    HISTORY AND DEVELOPMENT

    OF INSURANCES
    dibf 06202
    Presented By
    Mr. Thabiti Mohamedi Ally
    Faculty Of Business Administration
    Muslim University Of Morogoro
    2

    Are You
    Okey ??

    2/28/2023 BY MR.THABITI
    3

    In this very short Tutorial, we will be discussing some


    issues relating to the:
    Module’s  Historical development of conventional insurance
    outline and takaful and

     Trends of takaful practices

    2/28/2023 BY MR.THABITI
    4

    o Insurance has existed for many centuries. Some historian


    traced the of insurance to 215 CE, when the Roman
    government was required by military supplies to accept
    What Is The all risks arising from enemy attacks, storms, and other
    Origin of natural disaster for supplies carried on their ships.
    Insurance ? o Around 2800 B.C history had shown the insurance
    practices from Babylonians to fight against losses by the
    merchants and traders.

    2/28/2023 BY MR.THABITI
    5

    o The modern insurance can be traced its beginning to the


    1600’s when British merchants and ship owners began to
    meet at a coffeehouse near Lombard street in London.

    o There they made an agreement to mutually share in the

    Cont.…. profit and losses of see voyages.

    o In Greeks, Chinese and Europeans as well as England in


    1583 the first life insurance contracts was prevailed.

    o The movement went viral to Malaysia from 1960’s and in


    1963 the government introduced insurance act of 1963.

    2/28/2023 BY MR.THABITI
    6

    The evolution of takaful has a long history. The


    main identifiable phases are the following:
    1. 1979: The first Ta'awun model (cooperative) was

    Historical developed in Sudan.

    Development of 2. 1984: The mudharabah model was developed in

    takaful Malaysia.

    3. 1984: The wakalah model was developed in the Gulf.

    4. 1996: The waqf model was developed in South Africa.

    Most takaful models are the hybrid of the above models.

    2/28/2023 BY MR.THABITI
    7

    Trends Of
    Takaful
    Practices

    2/28/2023 BY MR.THABITI
    8

    A. PRACTICE OF AL-AQILAH

     This was a practice of the ancient Arab tribal custom,

    Trends Of which was introduced to replace the barbaric “blood for


    blood” system. Under this system, if any member of a tribe
    Takaful was killed by a member of another tribe, the close relatives
    Practices of the killer known as ‘Aqilah’ or ‘Ma’aqil’ in Arabic
    terminology are required to pay an amount of “blood
    money” as compensation to the heir of the victim.

    2/28/2023 BY MR.THABITI
    9

    A. PRACTICE OF AL-AQILAH

    Trends Of  They will collect and contribute on behalf of the killer.

    Takaful  The payment of the “blood money” seemed to be a kind

    Practices of financial protection for the heir of the deceased


    against the unexpected death of the victim.

    2/28/2023 BY MR.THABITI
    10

    B. PRACTICE OF PROPHET MUHAMMAD (s.a.w )

     The practice was endorsed by Prophet Muhammad SAW


    Trends Of and was expressed in the first Constitution of Madinah
    Takaful (Mithaq al-Madinah). The constitution of Madinah that

    Practices was declared shortly after the migration to Madinah in


    622 A.D is the greatest example of how the Prophet
    Muhammad SAW had legislated the insurance concept.

    2/28/2023 BY MR.THABITI
    11

    C. PRACTICE OF THE COMPANIONS.

     The Aqilah system was further developed during the time

    Trends Of of the second Caliph of Islam, Sayydina Umar al-


    Khattab (r.a.) He established a Diwan of Mujahidin in
    Takaful various districts for the purpose of extending mutual
    Practices cooperation to contribute the diyat money for the murder
    of their own tribesman committed by another of the same
    tribe.

    2/28/2023 BY MR.THABITI
    12

    THE END Wabillah Tawfiiq

    2/28/2023 BY MR.THABITI
    2/28/2023 13

    BY MR.THABITI

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