Insurance business was first launched by the traders and business circles.More especially,it started with maritime trade.Mercantile ships and barges were often wrecked by storms in the high sea reducing the traders to bankruptcy.To meet these risks and offset losses from such accidents the maritime traders initiated the Insurance business.Muslim maritime traders during the Islamic rule in Spain were the pioneers of this business.
Towards the end of 8th century AD the Muslims made great advances.To secure themselves against risks involved in sea voyages the Arab traders launched a system of insurance on a Shirakah(partnership) basis.Those who sustained loss in maritime ventures were compensated out of a joint fund of the traders.We find one form of insurance current in Arabic before the advent of the Hly propphet(S.A.W).The Meccan traders had set up a fund to compensate those who suffered loss due to the looting of trade caravans en route to Syria,Iraq and other countries.
At the time when apostle of Allah(S.A.W) himself was engaged in business a large trade caravan was lost in the desert.The few survivors who returned and the heirs of those who perished in the disaster were cmpensated for the loss of their merchandise,transport horses and camels by the manging Board of trader's joint fund.The Apostle of Alllah(S.A.W) who traded on behave of Khadija contributed his share to this fund out of this business profits. Vast Insurance Brokers(Private)limited
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