Resolutions-of-Islamic-Fiqh-Council-1

which is termed as joint fund and which you have called ascooperative whose administration need neither full-timeemployees nor expenses of administration, organization,accounting, etc.If desires for such insurance grow more and more people joinit in tens, hundreds and thousands, then it takes up a largenumber of diversified risks and there would be a need for fulltimemanagement, organization and huge expenses such aswages, employees, other mechanized and non-mechanizedresources. In that case, it would be inevitable that the full-timeemployees will have to live on the account of this largeadministration, as lives any trader, industrialist, professional oremployee at the cost of his work.Hence, it would be inevitable to differentiate between theinstallments collected from the insurance policyholders andbetween the payments of expenses and compensations fordamages so that the full-time management can benefit from thatdifference and live on it as a trader lives on the benefit ofdifference in prices of purchase and sale.To get this benefit, the insurance which you have called ascommercial must be based on proper calculation to fix theinstallment that the policyholder would pay for various kinds ofdanger. This is the real difference between the two kinds. Asregards the cooperative aspect, so there is no difference at all.I would like to add also that the first session of thisauspicious Council, which was attended by half of its membersonly while others could not attend the session due to theircircumstance, should not adopt a resolution to prohibit somethinglike insurance which is one of most important and serious issuestoday, because one way or other, people’s interests throughoutthe world are involved in it. All the countries are imposing it as a56