INSURANCE UNDER NIGERIAN STATUTES; THE ISLAMIC LAW ALTERNATIVE
ABSTRACT
Insurance scheme is put in place to fall back on in the event of risk or calamity occurrence. Nigerian Statutes require that every motor vehicle owner must possess at least third party insurance policy. However, the conventional insurance contradicts certain elements of Islamic law which make it unlawful and unacceptable. Thus, majority of Muslims (believers) and other adherents have refused to adopt the conventional insurance and subsequently, called for alternative shariah compliant products.
Consequently, this research work discusses essentials elements, formation and operation of insurance scheme with specific emphasis on motor vehicle insurance scheme under Nigerian statutes and Islamic law alternative, differences and thereafter considers the relevant provisions in new Takaful Guideline, identifies challenges therein. In the final analysis, observes that there is lack of awareness on the part of public about insurance generally and Islamic alternative (takaaful) specifically and finally recommends inter alia that: NAIOCM should relax some of the stringent conditions/requirements to allow more takaaful companies to come up, intensifies effort to curb use of fake insurance papers and inject sanity into the industry and that co-operative insurance be adopted as means of promoting insurance scheme among association members.
CHAPTER ONE
1.1 Introduction
… This chapter will address the background information that motivated this study, the challenges that prompted it, its aim, and its objectives as a preface to subsequent sections of the study. Additional factors include the study's significance, scope, limitations, research questions and hypotheses, and the definition of technical terms.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
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