Islamic Insurance Helps Cover Muslim Farmers Battling Climate Change
Takaful insurance, which complies with Islamic principles, is among several niche financial products that are helping to protect against extreme weather risks.
Uninsured losses from climate disasters in Pakistan have accounted for about 10% of gross domestic product over the past two decades.
Photographer: Betsy Joles/BloombergOn his four and a half acres of land in central Pakistan, Izhar ul-Haq approaches farming as a science. He knows the precise acidity of the soil and the exact amount of brackish groundwater his crops can tolerate if mixed with water from the canals that snake through his wheat and cotton fields.
When he’s not working the plot, Izhar, 30, studies YouTube videos for new strategies to combat the water scarcity and high temperatures that plague Pakistan’s agricultural heartland. Shifting growing seasons and frequent droughts exacerbated by climate change mean that “old farming techniques don’t work anymore,” he says.