oa Insurance Policy Based on Islamic Waqf and Small Enterprise Development

This research aims to develop a new economic policy of insurance with a new Islamic template that relies on waqf in order to revive Islamic concepts, and activate their role in global economic policies, showing Islamic economic system's ability to interact with both the economic and social developments, and its ability to achieve high competitiveness with global institutions, by having additional positive features on the humanitarian side, social side and others. In greater detail, this research seeks to achieve several goals, namely:

First: avoiding of the prohibition inflicted on commercial insurance in Islamic jurisprudence and law, and obtaining services that are compatible with Islamic law, with what that entails of effects on the Muslim's life.

Second: avoiding the suspicions brought about by the Islamic mutual (takaful) insurance as it stands now.

Third: surpassing both insurances (commercial & mutual) in the role this insurance is developing small project economics, by providing free-of-charge services or for nominal fees to the owners of small enterprises thus gravely affecting the economy and the income level.

Fourth: exploring the possibility of applying this type of insurance in the State of Qatar (a study on Qatari laws), giving a preliminary design for the proposed endowment insurance company in terms of laws, activities and the distribution of money.

Through this research we will look into:

First: the need for insurance in countries in general, and in Muslim countries in particular.

Second: reasons for the inviolability of the commercial insurance.

Third: doubts and objections from scholars on Islamic mutual (takaful) insurance.

Fourth: the core of the endowment insurance and how it overcomes the problems of the two latter insurances.

Fifth: How to guide insurance surplus in endowment insurance proposal towards small business owners, and the impact of that on the achievement of social justice and economic and social development.

Sixth: how can the endowment insurance institution be created within the laws and regulations in the State of Qatar (an example).

Seventh: a projection for the endowment insurance in terms of labor regulations and the laws, in comparison to an insurance institution to a similar endowment institute that was established in South Africa, giving scholarly solutions to objections that we faced, and how can they be developed to serve the social/economic issues.

And finally: despite the novelty of this proposal, it directs scientists’ and researchers’ energy towards working on the development of economic, social & other policies, where various Islamic concepts (such as endowment, recompense, zakat, and kharaj etc…) play a role in human development on all levels, thus showing the greatness of Islamic regime which has been created to suit every time and place.