ABSTRACT
Insurance has a crucial role to play in social and economic development of Muslim countries, which is why it is necessary to study relevant insurance schemes that have been developed and practised with a history of success. The application of mutual insurance, the most successful form of insurance in the West and, as discussed in earlier chapters, acceptable to most Muslim scholars, is suitable to Muslim countries. This chapter outlines the mutual insurance structure and practice in several Western countries, each of which has a different structure, approach, and framework of legislation. From selected components of all the Western countries’ insurance schemes compared in this chapter, we are able to construct an acceptable mutual form.
