The primary objectives of this dissertation are to analyze the relationship between insurance development and Islamic religious beliefs as an independent variable, to highlight the importance of insurance in economic growth of developing countries, to advance recommendations for promoting insurance in predominantly Islamic countries, and to review the UAE (United Arab Emirates) potential for insurance development. The findings and results arrived at by this study, which were statistically significant, apparently confirmed the proposed hypothesis that Islamic religious beliefs have significant adverse influence in insurance development in a given country, as measured by all of the six chosen models of insurance penetration and insurance density. The findings and results of this study are consistent with the findings and results attained by previous research studies in this area.