Arab Life Insurance
Life insurance in Arabic countries has up till recently like most other insurance only been taken up by the expat populations. However more and more local arab people are taking up life insurance. The main reason for this take up is due to the acceptance of the need to make provision for ones family in the case of an unfortunate death to the primary earner. This has up till know been seen as the societies problem to handle but with more and more western norms been taken up muslims are seeing life insurance as not something that is gambling but more as a nest egg in the event that something may happen to them.
For many uneducated people death insurance is the same as life insurance. Effectively life insurance is in the case of losing ones life the family will receive compensation for this from an insurance fund.
People like to call this insurance life insurance as this has a more positive connetation than death insurance. Even so it's hard to miss that if the bread winner of the family dies who will look after the children? This is why more and more arab people are accepting this form of insurance.
Religion and Life Insurance
As mentioned earlier life insurance as with other insurance was seen as garam, or unholy. This is due to the gambling aspect of taking insurance. Gambling though should be seen as doing something for personal gain. While life insurance is not for personal gain but rather for the protection of the ones you love. For this reason more and more muslims are now accepting life insurance as a part of life and have started taking up the practice of having life insurance for the protection of their families.