Friday, May 06, 2005

Islamic insurance - Mahalanobis

From the WSJ Europe print edition: 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.'"

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