Islamic Economics and Finance

This course covers the place of risk and uncertainty in Islamic thought, the historical development of the idea of risk and insurance, the emergence of the insurance concept, fundamental principles of insurance, the basic elements of insurance contracts, the obligations of the parties, disputes and limitation periods, fiqh-based discussion areas in insurance contracts such as riba, gharar, and maysir, the operation and organizational model of conventional insurance companies, Islamic insurance/takaful contracts, mudarabah, wakalah, hybrid and waqf-based takaful models, comparison of takaful models, case analyses, governance and supervision of takaful undertakings within the framework of AAOIFI standards, and the current state and future prospects of takaful globally and participation insurance in Türkiye.

The aim of this course is to enable students to evaluate the concepts of risk and uncertainty within the context of Islamic thought; to understand the basic elements of conventional insurance contracts, the obligations of the parties, and the main areas of fiqh-based discussion; to analyze insurance practices in relation to riba, gharar, and maysir; and to evaluate takaful contracts and models in comparison with conventional insurance within the framework of AAOIFI standards and participation insurance practices in Türkiye.