Islamic perspectives on risk and insurance marketing

This chapter sets out to achieve two key aims: to present the philosophical and critical perspectives underpinning the marketing of Islamic insurance products and services and to provide the foundation and basis for recommending appropriate stepwise marketing practices. A final point of reference is that it is assumed within this chapter that the insurance products in question have been created already and so discussions focus on branding, marketing communications, consumer behaviour and service delivery of these products. Product issues surrounding the design and Sharia’ compliance (codes and laws derived from Islam) fall outside of the scope of this chapter, but are covered in Chapter 26. The chapter thus bridges the gap between conventional marketing theory and practice that calls for specialized understanding, positioning and execution. Having stated this, it is also important to assert that in this chapter, marketing, Islam and Muslims are not viewed as monolithic entities or homogenous units, nor does the marketing of Islamic financial services necessarily signal a complete departure from conventional marketing concepts or simply a niche area. Rather, each are interconnected, culturally rooted and subject to environmental factors. The three key factors argued for are the call to evaluate Muslims’ perspectives concerning risk, appraising the needs of a broad base of stakeholders and modes of communication subject to cultures and geographies

Environmental and safety:Sustainable development

Great number of verses in Qura’n and multiple sayings of the Prophet Muhammad indicate the great importance that has been given to safety. Qur’an and Sunnah are the certainty that is never mixed with doubt, the light that dissipates darkness and the correct guidance that repels misguidance and prevents loss and failure for all of mankind. Allah (SWT) says: “Verily, this Qur’an guides to that which is most just and right.” (17:9). The concept of safety issue as of sustainable development in Islam can be defined as “absolute safety of mankind in his-self, property, blood and wealth in addition to the balanced and simultaneous realization of consumer welfare, economic efficiency, attainment of social justice, and safe of socially interactive based process” . Based on teaching of Islam, the universe has been created by Allah (God) with a specific purpose and for a limited time to enjoy and survive. The paper will highlight sustainability of safety to mankind in consuming all natural resources – land, water, air, fire (energy) , forests, oceans – that considered the right and the joint property of the entire humankind. Since Man is Khalifatullah (the vicegerent of Allah) on earth, he should take all preventive measure to ensure the interests and rights of others, and regard his mastery over his allotted piece of land as a joint ownership with the next generation