In the International Muslim Conference in Jeddah (Iqbal and Molyneux 2005, p. 190) King

Faisal invoked all Muslim counties to reconstruct their banking system in the light of

Shariah. As a consequence of this conference, in Bangladesh, although the Islamic banking

system was introduced in 1983 (Khan et al. 2008), Islamic insurance was introduced on

December 12, 1999. Islami Insurance Bangladesh Ltd. is the first Islamic insurance

company in Bangladesh (ARIIBL 2012, p. 5).

Requirement:

a) How many Takaful Operators are there in Bangladesh? Takaful is different than that of a

traditional insurance. - Discuss with instances.

b) Islamic scholars have stated that maysir (gambling) and gharar are inter-related. Where

there are elements of gharar, elements of maysir is usually present. How?