Purpose

Conventional insurance creates a gap in the financial system across the world that manifests from the global financial and economic crisis. There is an increasing demand for insurance schemes that will bridge the gap of financial and economic crisis globally. More recently, there is an advocacy in Saudi Arabia for achieving Vision 2030 by various facets of human endeavours such as strengthening financial markets and boasting economic development. The purpose of this paper is to deeply explore policy and reinforcement of the legal framework of Islamic insurance as essential bedrocks in Islamic finance that are Shari’ah compliant to achieve Saudi Vision 2030 for overall sustainability of all spheres of human endeavours in the country.

Design/methodology/approach

Content analysis and systematic literature review are used as methodological approaches in this paper. There are various sources of accessing secondary data used in this study such as online peer review, journals and library-based sources. Through the exploration of various secondary data, five major themes were identified in this study, namely, policy, legal framework, Islamic insurance, Islamic finance and Saudi Vision 2030. Analysis of various themes were done systematically in this paper. The methodology provides theoretical and practical foundations for reinforcing policy and legal framework for Islamic insurance, specifically in Islamic finance to achieve Vision 2030 in Saudi Arabia. It is the policy and legal framework that can provide necessary dynamics for strengthening Islamic insurance in particular and Islamic finance in general towards attaining sustainable Vision 2030 in the country.

Findings

The paper demonstrated that policy period is explicitly associated with Islamic insurance, whereby Takaful insurance is regarded as policyholder rather than shareholder-oriented. Similarly, it is established that there is need to specifically mention the policy period and the nature of contract in Islamic insurance should not be limited to only mutual cooperation among the participants in connection with the losses but it should capture element of sharing income generated from investment between insurer and policyholders using predetermined ratio for such as provided with theoretical legal framework (Shari’ah) in connection with Islamic insurance model as an integral part of Islamic finance.

Research limitations/implications

It will depart completely from conventional insurance where borrowing of funds and investment are put at fixed interest (Riba), uncertainty (Gharar) and speculative ideas (Maisir). Avoidance of different elements ascribed with conventional insurance would enable Saudi Arabia to strengthen financial system and boast economic development with an emphasis on an effective policy and efficient legal framework towards attaining Vision 2030 in the country.

Practical implications

The methodology provides theoretical and practical foundations for reinforcing policy and legal framework for Islamic insurance, specifically in Islamic finance to achieve Vision 2030 in Saudi Arabia.

Social implications

Conventional insurance creates a gap in financial system across the world that manifests from the global financial and economic crisis. There is an increasing demand for insurance scheme that will bridge the gap of financial and economic crisis globally. More recently, there is an advocacy in Saudi Arabia for achieving Vision 2030 by various facets of human endeavours such as strengthening financial market and boasting economic development.

Originality/value

With this emphasis, it will depart completely from conventional insurance where borrowing of funds and investment are put at fixed interest (Riba), uncertainty (Gharar) and speculative ideas (Maisir). Avoidance of different elements ascribed with conventional insurance would enable Saudi Arabia to strengthen financial system and boast economic development with an emphasis on an effective policy and efficient legal framework towards attaining Vision 2030 in the country.

中文翻译：

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加强伊斯兰金融中伊斯兰保险的政策和法律框架：实现沙特阿拉伯 2030 年愿景

目的

传统保险在全球金融体系中造成了缺口，这一点在全球金融和经济危机中得到了体现。对能够弥补全球金融和经济危机差距的保险计划的需求不断增长。最近，沙特阿拉伯倡导通过加强金融市场和夸耀经济发展等人类努力的各个方面来实现 2030 年愿景。本文的目的是深入探讨伊斯兰保险的政策和法律框架的加强，作为伊斯兰金融的重要基石，符合伊斯兰教法，以实现沙特 2030 年愿景，以实现该国人类事业所有领域的全面可持续性。

设计/方法论/途径

本文采用内容分析和系统文献综述作为方法论。本研究中使用的二手数据有多种来源，例如在线同行评审、期刊和图书馆来源。通过对各种二手数据的探索，本研究确定了五个主要主题，即政策、法律框架、伊斯兰保险、伊斯兰金融和沙特2030年愿景。本文对各个主题进行了系统分析。该方法为加强伊斯兰保险的政策和法律框架提供了理论和实践基础，特别是在伊斯兰金融领域，以实现沙特阿拉伯的 2030 年愿景。政策和法律框架可以为加强伊斯兰保险（特别是伊斯兰保险）和整体伊斯兰金融（以实现该国可持续的 2030 年愿景）提供必要的动力。

发现

该论文表明，保单期限与伊斯兰保险明确相关，因此回教保险被视为保单持有人而非股东导向。同样，有必要特别提及伊斯兰保险的保单期限和合同性质，不应仅限于参与者之间就损失进行的相互合作，而应涵盖分享投资产生的收入的要素保险公司和投保人之间使用预先确定的比率，例如与伊斯兰保险模式相关的理论法律框架（伊斯兰教法），作为伊斯兰金融的组成部分。

研究局限性/影响

它将完全不同于传统保险，传统保险以固定利率（Riba）、不确定性（Gharar）和投机理念（Maisir）进行资金借贷和投资。避免传统保险所具有的不同要素将使沙特阿拉伯能够加强金融体系并实现经济发展，重点是有效的政策和高效的法律框架，以实现该国的 2030 年愿景。

实际影响

该方法为加强伊斯兰保险的政策和法律框架提供了理论和实践基础，特别是在伊斯兰金融领域，以实现沙特阿拉伯的 2030 年愿景。

社会影响

传统保险在全球金融体系中造成了缺口，这一点在全球金融和经济危机中得到了体现。对能够弥合全球金融和经济危机差距的保险计划的需求不断增加。最近，沙特阿拉伯倡导通过加强金融市场和夸耀经济发展等人类努力的各个方面来实现2030年愿景。

原创性/价值

有了这一重点，它将完全不同于传统保险，在传统保险中，资金借贷和投资以固定利率（Riba）、不确定性（Gharar）和投机理念（Maisir）为基础。避免传统保险所具有的不同要素将使沙特阿拉伯能够加强金融体系并实现经济发展，重点是有效的政策和高效的法律框架，以实现该国的 2030 年愿景。