The principle of insurance as a calculable assumption of risk emerged in Europe as early as the late Middle Ages. Despite their high economic relevance, however, they were not fully institutionalized in law until the 19th century. In the Islamic world, on the other hand, insurance was virtually unknown until the time of colonialism. As a Western cultural import, it was then viewed with extreme skepticism and was the subject of heated debate. The “Islamic revival” of the 1970s in particular gave these debates new impetus. Viktor Forian-Szabo traces the development of the insurance industry in the specific context of the Islamic Republic of Iran. Drawing on interdisciplinary perspectives and methods, he succeeds in identifying the key factors that characterize the establishment of the commercial insurance industry in Iran's particular political, legal, economic and climatic environment.

This book is included in DOAB.