This page presents an excerpt of the available research material, including the Preliminary Pages, Table of Contents, Abstract, Chapters One to Five, and References. It provides a comprehensive overview of the study, enhancing readability and accessibility for students, and researchers seeking complete material on “Insurance Under Nigerian Statutes; the Islamic Law Alternative”.
I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Law for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Insurance Under Nigerian Statutes; the Islamic Law Alternative provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.
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.
1.1 Introduction
… As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Research hypothesis and questions, Limitation of the study and Definition of technical terms.…
