concept of insurance in Islam
about the concept of insurance in Islam and its credibility. i latterly had a discussion in this trouble with three of my closest pals, and a number of them have a clearer idea about it. two of my pals have been in the choice of a few forms of insurance and have their personal opinion on this difficulty, please be aware that those exact understanding of Islam. I’d not call molvis moderate Muslims, however also a good knowledge of various subjects in Islam (although this isn’t always a criterion). i’m able to preserve my reservations, their responses and a few other points of view here, and could welcome the perspectives of different people here. please take part in a discussion along with his information of (any), and you could enroll in their views and give an explanation for that it may be a few ambiguities that you or others may additionally have. thank you.
what is the court (in keeping with cent) and haram (forbidden) in Islam?
my information is that all of the income, the subsequent standards
2. it is, surely, advantages (no loss)
3. smooth and paintings
financial savings bank account
for me, a savings account with a bank is the purest form of hobby, and it’s miles haram. there’s a set fee of return for three hundred and sixty-five days, it always can be deposited cash and without work or attempt on my part. no hazard.
there are two unique perspectives on bank deposits in savings debts.
at the very example, if a woman, a widow and her youngsters are small, and now not just the money they have, and not anything else, the hobby on money the financial institution halal (allowed).
in the early days of islam, while the hobby of the haram (forbidden), foreign money, gold and non-use values thei depreciate. gold for assessing the boom of inflation, and those should buy the identical amount of products, even after many years of rising expenses. in modern-day time, with tickets on style and value of the foreign money depreciates every day with inflation, human beings can not purchase the equal amount of products a yr with the same money you’ve got now. preserve the cash in savings debts of banks simplest safety in opposition to a likely devaluation of the money in the form of hobby. consequently, it’s miles very thrilling and become now not warranted.
now permit’s speak approximately coverage. there are forms of insurance, the coverage product (an object or material), and people’s lives.
if any individual or employer has a product (for instance, a vehicle or a house or goods), and we need to ensure towards any possible harm (inclusive of theft, fire, injuries, etc.), the person or organization product insured, some coverage companies. there might be a reward in the form of insurance payments for someone or enterprise to pay the insurance business enterprise and the product once more guaranteed. but even though the damage as a result of the product, the cost of coverage for the melody is assured. however, the crucial factor is that the payment of coverage charges within the coins charge will now not be returned, if there may be dem
human life is the concept a little extra than the new insurance products, which for lots centuries (as we know). in life insurance, someone who has a sure amount for a certain number of years (typically two decades, we have from the general public and efu life insurance “) and includes 3 regions.
1. if someone dies within two decades, his family (beneficiaries) acquire a huge amount of money, as agreed on the time of the realization of coverage agreement.
2. if someone does no longer die within two decades, the cash is well with him as an account with an annual earnings at the stocks has been paid to the insurance organization.
3. in a few cases, in addition to the above, if someone is unwell, their medical fees covered by way of the coverage for two decades.
now, my query relates specifically to the primary 2 points. if a person dies, the family gets a lump sum of coverage cash (as an instance, insurance). despite the fact that, existence insurance, if someone dies, he is nonetheless actual value of their payments, similarly to the total amount of bills to the insurance organisation.
now it is a win-win scenario, and that the earnings falls inside my definition of hobby, ie income (without the danger of loss), does not mean every effort and work.