http://austrolabe.com/2007/05/07/on-insurance/ Thu, 26 Aug 2010 02:21:12 +0000 http://wordpress.org/?v=abc hourly 1 http://austrolabe.com/2007/05/07/on-insurance/comment-page-1/#comment-26709 muslimmatters.org » Blog Roundup! UPDATES Tue, 22 May 2007 13:24:52 +0000 http://austrolabe.com/2007/05/07/on-insurance/#comment-26709 [...] ~~Amir Butler works off Abu Easa’s blog entry on Insurance here. ~~Creedal and Spiritual Reflection on Imam Bukhari’s definition of Iman by Sh. Yusuf [...] [...] ~~Amir Butler works off Abu Easa’s blog entry on Insurance here. ~~Creedal and Spiritual Reflection on Imam Bukhari’s definition of Iman by Sh. Yusuf [...]

]]> http://austrolabe.com/2007/05/07/on-insurance/comment-page-1/#comment-24925 Andrew Reynolds Thu, 10 May 2007 05:13:13 +0000 http://austrolabe.com/2007/05/07/on-insurance/#comment-24925 Amir, Many of the health insurance companies remain mutually owned - I know HBF in Perth are. Second order <em>riba</em> concerns are there, in that the funds in the mutual "pot" are often invested in interest bearing bonds or other <em>haram</em> investments, but I understand that this may not always be a problem. A look through <a href="http://www.apra.gov.au/General/New-or-Renewal.cfm" rel="nofollow">this list</a> may help - but do not just look for those with "mutual" in the title. In many cases the name is incorrect as they company kept the name as they demutualised. Several of the ones with conventional company structures (Pty Ltd or Ltd) may be limited by guarantee - preserving mutual status. If you know someone with a few days spare it may be worth ploughing through that list to identify the ownership structure of each of them and then posting those that are truly mutual. Once that is done each of the mutuals could be examined a bit further to see if there are any other Sharia issues. This may be a good first step in this direction. If you agree that this would be a good use of time let me know and we might be able to share some resources. Amir,
Many of the health insurance companies remain mutually owned – I know HBF in Perth are. Second order riba concerns are there, in that the funds in the mutual “pot” are often invested in interest bearing bonds or other haram investments, but I understand that this may not always be a problem.
A look through this list may help – but do not just look for those with “mutual” in the title. In many cases the name is incorrect as they company kept the name as they demutualised. Several of the ones with conventional company structures (Pty Ltd or Ltd) may be limited by guarantee – preserving mutual status.
If you know someone with a few days spare it may be worth ploughing through that list to identify the ownership structure of each of them and then posting those that are truly mutual. Once that is done each of the mutuals could be examined a bit further to see if there are any other Sharia issues.
This may be a good first step in this direction. If you agree that this would be a good use of time let me know and we might be able to share some resources.

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