Friday, May 06, 2005
Hedging Allah
Most people know that Islamic law severely limits charging or paying interest. I did not know, though, that some Muslims also wonder whether Sharia permits insurance:
Tie up the camel, save for a rainy day, use a stitch in time, and buy insurance.
CWCID: The Emirates Economist.
Western-style insurance is a tricky product for Islamic bankers. For a start, some Muslims also view insurance as betting against God's will, and thus a failure of faith. That problem was quickly overcome. "The scholars agree that we are put down on Earth with free will," explained Dawood Taylor, a British convert to Islam who heads the insurance project. "When asked the question: 'Shall I tie up my camel or leave his fate to the will of Allah?' they answered: 'Tie up your camel, and then look to the will of Allah.'"
Tie up the camel, save for a rainy day, use a stitch in time, and buy insurance.
CWCID: The Emirates Economist.
1 Comments:
By 
, at
Fri May 06, 08:16:00 PM:
Interesting.
Most of the Islamists (as opposed to Muslims -- I do make a distinction) seem to be the Islamic equivalent of Calvinists (predestination types), believing that absolutely everything that happens is because "Allah wills it".
I've never understood Calvinists, and I doubt I'll ever understand Islamists either. IMO, both believe in an evil deity. If I have no choice in what I do or think, just why would a deity choose to punish me for eternity for what I do or think? Sadism?
