Islamic Rooting of Risk Management and its Educational Applications

Abstract

The aim of the current research is to identify the conceptual framework for risk management in accordance with the foundations of Islamic roots. In order to achieve the research objectives, the researchers used the descriptive documentary method, by referring to a number of documents, including interpretation of Surahs Al-Kahf and Al-Hujurat in Ibn Katheer’s and Al-Muyassar’s Tafsir books, Sahihs Al-Bukhari and Muslim, and the risk management plan units in public education, and some Saudi universities and a risk management guide. The results showed that the principles of risk management in modern theories are consistent with the principles of Islamic management in (trust in God, connection to will, balance, responsibility, interpretation of decisions taken, clarity of purpose, building a single work team, communication, and training on top of work, fear of God, unity of command, verification of the accuracy of information, and equality). And most of the characteristics and steps of risk management (identifying risks, evaluating them, responding to them, and monitoring them), Islam had precedence in them, as stated in the Holy Qur’an, the Sunnah of the Prophet, the objectives of Sharia law, and the rules of jurisprudence (harm is removed, greater harm is removed by lightness, and avoiding harm is prioritized over gaining benefits it takes precedence over bringing interests, the guardian’s intervention is based on interests). Considering these results, the research recommends spreading the culture of risk management in higher and public education institutions, and training employees in educational institutions to apply risk management according to the Islamic perspective.