Designing of Tradable Life Policy in Secondary Market Based on Imamiah Jurisprudence

Life insurance as one of the practical financial instrument in conventional finance and Shariah approved contract, has been very important. The thesis is aimed at solving one of the fundamental problems of insurer companies and policy holders. The problem is cancelation of policy before maturity of policy. It should be noted that the method of research in this study is Multi-Stages ijtihad. After reviewing and studying, this research has suggested the solution to this problem as tradeable life insurance (Traded Life Policy). And since no research has been carried out in Iran in this subject, regarding this capability of life insurance contracts, in the first step, the quiddity of life insurance and life insurance settlement has been investigated and explained. In the next step, the jurisprudential and technical dimensions of designing this instrument in Iran and according to Imamiah jurisprudence have been analyzed. In the following, using the multi-stage ijtihad research method approach, an interview was conducted on the Shariah and technical aspects of the subject with Islamic financial experts and insurance industry experts in Iran. The results of the research and proposed model are moderated and finalized with comments of experts. At the end, the legal and technical dimensions of the subject are presented comprehensively and the suggested model of “Selling beneficiary right with submission of life insurance contract” Finalized with the Shariah considerations of the experts. The correctness of the suggested model had been asked from Maja’s and Received religious certificates. Thus, life insurance could be traded legally and technically, according to the model presented in this study.