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thank you for answering the above question.
My whole intent was to draw a point that not only external agencies should be expected to support us in case of emergency or in case of untoward exigencies.
We must help our near and dears (friends and relatives) when they need such support. If we do that and if that system is accepted universally by all, we shall have a system where everyone will help the unfortunate 'near and dear' without getting the reciprocal treatment from the same person. I help my brother when in need and, I will be helped by all others when I am in need.
Though this discussion is off the professional world that we are living in, it is more on our humanitarian approach to our fellow brothers in our society.
I agree with Mr. ^Abdur-RaHman. There can be deal between family members and trust circle of friends of a Mudaraba nature where they will assign one person to take their premiums and invest them. Then they can divide the profits into two parts: One portion to be contribution in a special fund of emergency (claims by defected members) and the other portion to be distributed among the premium payers (Rabul-Maal) which are all the members in this closed circle of family and friends. In this case, the person who will be Mudareb (the person who's charge of the investment activities) is to be also paid a percentage of profit because of his efforts and hard work.
You need an actuary and an underwriter, but a simple one can be done.
Pool the premiums from family members and friends, invest the sum amount and enjoy your insurance,
