Some Muslims believe insurance is unnecessary, as society should help its victims. "Insurance," however, need not be a commercial venture. In its purest sense, it is assistance with the adverse effects of inevitable afflictions, an arrangement beneficial to all. Schemes to ensure the livelihoods of traders and communities have been in existence for millennia. Commercial insurance on the other hand, was invented ostensibly for the same ends but with the chief beneficiaries being the shareholders and directors. Among the countless revelations Islam passed on, two prohibitions, namely riba (usury) and gharar (risk), have been used by legislators as grounds for the prohibition of insurance. Islam is not against making money, and there is no inherent conflict between the material and the spiritual. Islamic law allows igtehad (initiative) to the benefit of people as long as there is no harm to other people. Muslims can no longer ignore the fact that they live, trade and communicate with open global systems, and they can no longer ignore the need for banking and insurance. There is no prohibition in Islamic law against banking, nor insurance; similarly, Muslims can create insurance schemes that use their faith as the immutable basis for a working model. Aly Khorshid demonstrates how initial clerical apprehensions were overcome to create pioneering Muslim-friendly banking systems, and applies the lessons learnt to a workable insurance framework by which Muslims can compete with non-Muslims in business and have cover in daily life. The book uses relevant Quranic and Sunnah extracts, and the arguments of pro- and anti-insurance jurists to arrive at its conclusion that Muslims can enjoy the peace of mind and equity of an Islamic insurance scheme.
Within all large consumer facing organizations, most decisions about how to deal with people are made automatically by computerized decision making systems. Information about people, their lifestyle and past behavior are used to predict how they are expected to behave in the future. It can be determined if someone applying for a bank loan will make their repayments, who will respond to a marketing communication and the likelihood that someone will claim on their insurance policy. This book provides a step-by-step guide to how Predictive Analytics is used by some of the world's most influential organizations. This includes international banks, leading insurance providers, credit reference agencies and national governments. It covers all stages of the Predictive Analytics process. This includes project management, data collection, sampling, data transformation and pre-processing, model construction, validation, implementation and post-implementation monitoring of the model's performance.
Approximately 40 per cent of value of international trade comes from goods carried by air, and the consequences of goods being damaged, destroyed or delayed can be serious, substantial, and perhaps unforeseen. This exciting new book is the only one on the market that deals exclusively with air cargo insurance, and will therefore, be a vital addition to the collection of any practitioner, professional or academic working in the field. Air Cargo Insurance analyses the model policies and standard terms and conditions on the London, US and European markets. The authors also provide readers with an invaluable perspective on cases in other jurisdictions, and, uniquely, the book discusses freight forwarders' relations with airlines and addresses the possibility of recovery from third parties. This book, written by two of the leading experts in the field, provides invaluable guidance to practitioners, arbitrators and cargo-claims professionals. It will help to ensure that air cargo insurance contracts are sufficient and enforceable from the outset, as well as assisting in cases of disputed claims. Academics and postgraduate students specialising in the areas of in air and insurance law will also find this book extremely useful.