162 • 100 GREAT BUSINESS IDEAS
The Muslim popul at ion is growing fast, 1.2 billion and rising.
Other religions are also gaining followers, and all are characterized
by a commitment to faith-based principles. Recognizing that
commerce can have a respectable, positive, and valuable role
supporting people of faith is increasingly signifi cant.
The idea
In common with most religious groups, Muslims have specifi c
needs. Meeting these needs in the complex, fast-moving world of
the early twenty-fi rst century is a challenge, but also a signifi cant
opportunity.
For example, takaful is an alternative to conventional insurance
that is compliant with Islamic (Shariah) law. From the Shariah
perspective it is needed because, although conventional insurance
exists to protect customers, the way it operates poses problems.
Several elements make it haram (not permissible) for Muslims to
purchase insurance. These include: gharar (uncertainties), maysir
(gambling), and riba or usury (interest).
Gharar is defi ned as any element in a contract that could lead to
injustice or exploitation. It has a range of negative connotations
encompassing uncertainty, deception, ambiguity, and ignorance.
Muslim scholars believe that gharar e x i s t s i n c o n v e n t i o n a l i n s u r a n c e ,
because the benefi ts of protection that the plan offers are always
uncertain: whether the benefi ts are deliverable depends on whether
the insured event occurs or not.