Islamic Economics Institute

Wednesday Academic Dialogue (22-1439)

Models of Cooperative Family Insurance in

External Returns from the Islamic Perspective

Full Text

Prof. Mohammad Sado Al-Jurf

Professor of Insurance - Faculty of Economic and Financial Sciences

Ommulqura University, Makkah, Saudi Arabia

Wednesday 14-02-2018 (28-05-1439H)


Utility refers to the amount of benefit or gratification that an individual receives from the consumption of a particular quantity of a good or service received from the market. The total benefit is proportional to the number of units consumed and the number of utility units given by the unit consumed. It is said that there are influences, or externalities, when the benefit of a particular economic unit (consumer, producer) is directly affected by the economic behavior (production or consumption) of another economic unit (consumer, producer). That is, economic unity is positively or negatively affected by the economic behavior of another economic unit. This benefit / cost, for the first party, may result from an industrial activity or consumption activity of the second party. Where the benefit / cost of the first party is inversely proportional to that of the other party. This paper tries to explain the Islamic point of view or to institutionalize the issue of external influences.

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Last Update 3/7/2018 10:29:33 PM