Principles and Practice, Second Edition
Chapter 6: Special sectors
In addition to banks, there are specialized financial institutions active in various fields of Islamic finance, in particular insurance, real estate finance, portfolio investment, pensions and microfinance. Banks themselves may also engage in these activities, and in so far as they do, the discussion in this chapter is relevant for them as well. Home finance may even be a major product line for them. This chapter discusses the restrictions sharia imposes on activities in these areas and the ways financial institutions cope with them. The advocates of Islamic finance feel that there is a need for Islamic forms of insurance because in their eyes conventional insurance is tainted with riba, gharar and maysir and is therefore to be rejected.
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