Life Insurance In Islam Halal Or Haram – Q I wonder if life insurance is permissible or haraam according to the teachings of Islam.
1- Insurance is prohibited in Islam unless it is mandatory in the country in which you live.
Life Insurance In Islam Halal Or Haram
2- Life insurance is not halal and if you think you need it, contact your local imam and discuss case by case.
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If something happens, it is a man’s biggest responsibility to ensure the future of his children and family. In addition to many questions, there is still a question that does not have a correct answer. Are life insurance policies halal or halal? Today’s article is related to this topic, but there is still no definitive answer for the whole world.
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Life insurance is basically a way to secure one’s future. Titus means that if something goes wrong with them, their family will save money and things that will help them later.
The basis for the security of the family and children is provided in the life insurance program until they reach the age of self-support. However, many scholars are trying to find an answer to the question of whether life insurance is haraam or haraam. If so, what are the reasons behind it? If not, why hesitate to get the package?
The first is called term policy and the second is term endowment policy. These two packages are available in almost every insurance company.
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In this type of life insurance, simple premiums are insured for 20 or 18 years. So, after his death, His family will receive the agreed amount for a long time. If the insurance policy expires and the person lives, he gets nothing. But he knows he is leaving a lot to his family.
In this second type of policy, a large payment is made to the insurance company during the policy period. According to the terms of investment of the insurance company, when the policy matures, the Insured receives a large sum of money including interest and profit.
Only when the insurance company invests the money in the companies according to Sharia and Islamic law, the profit received under the welfare policy is legal. If it is not in the rules of Islam, then it is forbidden.
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For example, if an investment is made of real estate or commercial business according to Islamic rules, it will divide the profits among the policyholders. At the beginning of this insurance, it is not possible to determine the level of profit in this case.
There is no insurance company that deals with 100% Shariah enhanced investment. Is life insurance haram or halal? Most scholars believe that life insurance is not halal. You are interested in changing nature and do not believe in Allah.
It would be better if you firmly believed in God. If Allah feeds you while you are alive, He will also feed your children.
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There are many other ways to secure your children’s future. For example, investing in business and real estate or saving money that will generate regular income.
Varda studied journalism at Carleton University. He now covers various topics in Islamic news as a senior journalist.
If you committed these 6 sins, then Allah will not look at you on the Day of Judgment. Is life insurance allowed in Islam? Is permanent life insurance fair? Is it illegal to sell life insurance? Is Term Life Insurance Legal? In this article we will find answers to all these questions.
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Life insurance is basically a contract between a person and a life insurance company. The insurance company agrees to pay a lump sum to regular premiums to the beneficiaries after your death.
Life insurance or property insurance is prohibited in Islam because it involves fraud. According to Shaykh Ibn Baz, insuring a person’s life or property is haram and is not permissible because it is gharar (whether the thing bought/sold will actually materialize/deliver or buy/sell a certain amount, placing money at the risk of excessive loss (above) and riba).
In order to show mercy to this ummah and protect them from harm, Allah has forbidden all business based on riba and fraudulent transactions. Allah says:
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And it is narrated in a sahih hadith: Our Prophet (peace and blessings of God be upon him) forbade fraud.
Commercial insurance is forbidden in Islam because it is a form of riba and is based on risk and uncertainty. He eats people’s money unjustly. Cooperative insurance is also prohibited in Islam.
All forms of commercial insurance are definitely riba (interest/usury). Insurance is an exchange of money for a larger or smaller amount if one of the payments is delayed.
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It includes riba al-fadl (interest-based transaction) and riba an-nasiya (interest if payment is delayed beyond the specified period), because insurance companies take people’s money and promise to pay them more or less money in the event of a specific accident for which insurance is purchased.
All types of commercial insurance are based on gambling, which is prohibited according to the Koran:
“O you who believe! Intoxicants (alcohol of all kinds), gambling, ansab (stone offerings at the feet, etc.) and al-Azlam (arrows for success or resolution) are abominations from the hand of Satan. So avoid it (abominable things) and perhaps you will succeed.” Surah Maida 90
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All types of insurance are a form of gambling. They say that if you pay this much money, if something bad happens to you, we will give you this amount. It’s just a coincidence.
To insist on distinguishing between insurance and gambling is an obstinacy that any reasonable person would find intolerable. Insurance companies themselves admit that insurance is a gamble.
All forms of insurance are forms of uncertainty, and transactions involving uncertainty are prohibited in many authentic hadiths, such as the one narrated by Abu Hurairah (may God be pleased with him):
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The Messenger of Allah (peace be upon him).
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