INSURANCE PERMITTED IN ISLAM
INSURANCE PERMITTED IN ISLAM lifestyles coverage is a new settlement now not regarded in the history of fiqh. Muslim pupils have distinctive opinions regarding this form of coverage.
responding to the query, dr. monzer kahf, the scholar in Islamic economics & economic expert, states the subsequent:
in the circles of cutting-edge shari’ah students, there are 3 critiques about existence insurance. all of them understand that it’s miles a brand new contract now not regarded in the history of fiqh. a minority don’t forget it haram and with all styles of argument against it such as riba, gambling,gharar, and speculation on the need of Allah. this view does now not carry plenty of weight.
the second one view is that it contains ghararbecause nobody is aware of whether or not the legal responsibility of the insurer (the corporation) will ever materialize nor when it will, if ever. this is a severe ghararthat ends in a major illness inside the contract. it’s miles therefore forbidden.
the 1/3 opinion is presented via the past due to Sheikh Mustafa al zarka. he argued that the gharar inside the agreement is remedied by means of the truth that it is a settlement primarily based on overwhelming statistical understanding and the software of the principle of chance. with this in mind, there is no gharar at the part of the insurer and the settlement is permissible with two situations: that it contains no riba clause and that its challenge (insured issue) be legitimate. these conditions rule out normal constant go back life coverage due to the fact the cost of the coverage is the final results of investment premiums at a compounded rate of interest, (while variable – go back lifestyles is permissible if the funds are invested in the shari’ah permitted shares or mutual funds). in addition, they rule out ensuring a prohibited interest such as casinos.
the advocators of the second one opinion argue that the gharar problem applies only in exchange contracts. if the contract is changed and restructure on the basis of cooperation or mutuality, wherein there could be an affiliation of the insured instead of a profit prompted insurer agency, thegharar is then tolerated. that is so due to the fact the relationship between the association and its members emerge as based totally on contribution ortabarru’in preference to alternate and a tabarru’ can accommodate positive situations ( i.e., that the association compensate in case a hazardous event happens). on the basis of this all of the “Islamic insurance companies” were hooked up.
in this regards, al-zarka adds, that if mutual or cooperative insurance exists he prefers it to earnings influenced coverage out of his recognition to the opinion of combatants. there’s an antique argument (from the 1950s), even by way of people who oppose insurance, that each time insurance is pressured via law, one ought to do it and one is excused, from the shari’ah point of view. this consist of automobile coverage, social security, workman compensation, and agency’s imposed insurance if it is not optionally available for the worker to this we upload some other element that if the coverage furnished by the employer is paid absolutely from the company, i.e., given as a fringe gain without deducting any part of the top class from the pay tests, then it’s miles a type of grant from the corporation and if a danger takes place the paid coverage amount is halal due to the fact it’s miles a final results of the provided.
now suppose for yourself: if your lifestyles coverage is only term life, you can apply the opinion of sheikh al-zarka, and if it’s miles imposed by the company, you also have room to accommodate, and if it’s for a grant from business enterprise it’s also tolerated. otherwise, you need to peer the specifics of the settlement you have got and decide, within the light of the above briefing, whether you hold or are seeking to withdraw from it.