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Insurance ..Halal or Haram??!!

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haris30432 View Drop Down
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    Posted: 22 March 2010 at 12:33am
Salam brothers and sisters,
 
I would like your valuable opinions on this particular subject of Insurance.This is one subject that i am currently studying and hence i would like your understanding also just to make sure im not missing anything.Please do comment and may the Almighty reward us for our works and guide us to the best understanding Inshallah.
 
Peace,
 
Haris :)
ONE GOD ONE SOURCE OF LAW!
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seekshidayath View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote seekshidayath Quote  Post ReplyReply Direct Link To This Post Posted: 22 March 2010 at 4:32am
Wa'laikum salaam
 
From Qur'an brother ! Smile
 
No, i don't have knowledge of this topic. Just thought to follow up this thread to look into Islamic perspective of this topic. So did comment
 
Hope other brothers and sisters in Islam shall write of it
 
 
Prophet Muhammad (peace be upon him) said: All the descendants of Adam are sinners, and the best of sinners are those who repent."
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martha View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote martha Quote  Post ReplyReply Direct Link To This Post Posted: 22 March 2010 at 7:17am
Salams all,

Well, in UK we have to by law have car insurance to legally drive a car, and must pay our National Insurance contributions(automatically taken out of wages.. to be eligible for free medical care)

Other insurances ie pet, house insurance, cell phone, payment protection plan for credit cards are all mandatory.

In the US believe it is law to have private medical insurance...bill passed last night to help those in need get medical care they need...thus removing some of the pressure. ( correct if necessary please)

Of course in many countries (ie Pakistan and India) car insurance should be had, but not all do. Am I right with that Seeks and haris?

But by obeying the laws of the country you reside you can't go wrong Islamically.

No hadiths etc to quote..but you asked for opinions :)


some of us are a lot like cement:- all mixed up and permanently set
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Hayfa View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hayfa Quote  Post ReplyReply Direct Link To This Post Posted: 22 March 2010 at 9:56am
In the US believe it is law to have private medical insurance...bill passed last night to help those in need get medical care they need...thus removing some of the pressure. ( correct if necessary please)

It is not the law to have medical insurance...

The laws are car and house (certain places). Most states require car insurance.

it is not required to insure pet, cell or credit cards..

Various insurances can be state by state.

I remember hearing that things like car and house-if required- we can do. For we cannot function. By life insurance is haram. That I am 99% sure.


When you do things from your soul, you feel a river moving in you, a joy. Rumi
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Post Options Post Options   Thanks (0) Thanks(0)   Quote abuayisha Quote  Post ReplyReply Direct Link To This Post Posted: 22 March 2010 at 11:31am

Responding to the question, the European Council for Fatwa and Research states the following:

The traditional insurance contracts (applied in the West) are prohibited in Shari`ah in principle because these contracts are based on mutual compensation as the company possesses the premiums for its own good and is committed to pay the compensation. This process involves risk because the occurrence of danger is not certain, and there is the possibility of paying compensation or not paying it, besides the possibility of the company's benefiting by the premiums or losing them along with other amounts.

The Shar`i or legal substitute for this is cooperative insurance that is based on an insurance portfolio for the good of the bearers of the insurance policies, so that they benefit from earnings and bear the losses. The role of the company is confined to administration for a wage, investing the insurance assets for a wage, or for a share on the basis of mudarabah. If there remains surplus from the premiums and their bonuses after paying compensation, it is a pure right for the bearers of the policies. The risk that is in the cooperative insurance is ignored as excusable, for the basis of this type of insurance is cooperation and regular donations, and risk is usually overlooked in donations.

Since cooperative insurance is still new and not widely practiced and cannot cope with big insurances, the Shar`i committees in the Islamic financial institutions have given the fatwa that it is permissible to resort to conventional insurance when there is crucial need to protect assets and insure activities, on the basis that risk is excusable because of need.

Therefore, it is permissible to enter into insurance contracts that are available in the West when cooperative insurance is nonexistent or unable to cover certain dangers.

Related Questions

- Car Insurance: Permissible?

- Working for Commercial Insurance Companies

- Life Insurance from an Islamic Perspective

- Liability to Pay for Apartment Demolished by Earthquake



Read more: http://www.islamonline.net/servlet/Satellite?pagename=IslamOnline-English-Ask_Scholar/FatwaE/FatwaE&cid=1119503549478#ixzz0ivoyoqZy
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haris30432 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote haris30432 Quote  Post ReplyReply Direct Link To This Post Posted: 23 March 2010 at 12:34am
Wa'laikum salaam
 
From Qur'an brother ! Smile
 
Mashallah.. Mashallah... a very positive answer from you.Yes, the answer is there and im searching.. i need to be more patient and sincere and GOD will show the answer.In GOD believers shall trust.!Thank you for your comment!
 
Peace!
 
 
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haris30432 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote haris30432 Quote  Post ReplyReply Direct Link To This Post Posted: 23 March 2010 at 2:08am
Salam,
 
No doubt that if the law in the country you reside in requires you to take certain insurances like car,house etc ,you can take them and that wouldnt be islamically wrong.Im concerned about insurance where we have a choice.For example medical insurance.There are many arguments against Insurance.Some say it shows a lack of trust in GOD when GOD reminds believers to put trust in him and also that it is a game of chance and some kind of gambling.Which if it is,is a clear no-no according to the Quran (5:90,91).Here is a link of an article which claims that Insurance is a form of gambling.http://www.cs.toronto.edu/~hehner/Insurance&Gambling.pdf.
 
Well in that case,isnt having a fire alarm in our house a kind of gambling??! Does that mean we shoudlnt have fire alarms ??hmmm...need more opinions and understandings.. Inshallah..
 
 
Thank you all for your valuable posts.Looking forward for more.. Inshallah..
 
Peace!
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Emin View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Emin Quote  Post ReplyReply Direct Link To This Post Posted: 01 April 2010 at 8:39am
Originally posted by haris30432 haris30432 wrote:

Salam,
 
No doubt that if the law in the country you reside in requires you to take certain insurances like car,house etc ,you can take them and that wouldnt be islamically wrong.Im concerned about insurance where we have a choice.For example medical insurance.There are many arguments against Insurance.Some say it shows a lack of trust in GOD when GOD reminds believers to put trust in him and also that it is a game of chance and some kind of gambling.Which if it is,is a clear no-no according to the Quran (5:90,91).Here is a link of an article which claims that Insurance is a form of gambling.http://www.cs.toronto.edu/~hehner/Insurance&Gambling.pdf.
 
Well in that case,isnt having a fire alarm in our house a kind of gambling??! Does that mean we shoudlnt have fire alarms ??hmmm...need more opinions and understandings.. Inshallah..
 
 
Thank you all for your valuable posts.Looking forward for more.. Inshallah..
 
Peace!


Insurance(any kind) do not have anything with lack of trust in God. It is same thing that you say I will not tie belt in the car, or tie belt when airplane takes off, or you will say I will drive my car 200km/h God will watch on me, etc.

Yes, God watch on us, because of that He give us insurance, He give us belt, and He give us intellect that we can understand that.

It is ridiculous to say that Insurance is some kind of gambling and than refer to the Quran. You invest your money in insurance that if something happen to you or to your property, you will get money for your loss.
When you take insurance you did not gamble will something happen to you or to your property!

Only thing which is not permitted is exaggeration in Insurance witch you do not need, like million dollars on your voice.

Islam is Right Way i.e. that you find right measure in every part of your life. At the right time at right place.

Selam my brother!Smile

112:1 SAY: "He is the One God:
112:2 "God the Eternal, the Uncaused Cause of All Being.
112:3 "He begets not, and neither is He begotten;
112:4 "and there is nothing that could be compared with Him
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