Islamic Economics Institute

Wednesday Academic Dialogue (14-1439)

Chair of Ethics and Financial Norms
Université Paris 1 Panthéon Sorbonne – King Abdulaziz University

4th Seminar

Establishing Islamic insurance in French law

Wednesday 13 December, 2017 (25/03/1439H)

Full Text

Dr Mohyedine Hajjar (Speaker)

Chair of Ethics and Financial Norms

Abstract

Actually, insurance is vital for individuals and for business. But the access to islamic insurance in France remains very limited given the foreign aspect of this discipline to French law. With the introduction of some Islamic insurance products to French law, the debate on the prospects of this sector in France is increasing.  Regulating insurance organizations in two separate codes, “Insurance Code” and “Mutuality Code”, the French legislator offers a wide range of legal forms to accommodate various legal philosophies behind the insurance operation. This article explores the possibilities of establishing Islamic insurance products in France by analyzing the compatibility between the principles of Islamic insurance and the structures offered by the French legislator. Special care was given to the analysis of the cooperative forms offered by the French codifications, which are still attractive to the cooperative philosophy of Islamic insurance. Then, some legal solutions will be exposed to finally conclude with a panorama of Islamic insurance products marketed in France.


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