Why Life Insurance Is Haram

Why Life Insurance Is Haram. You are taking interest and lacking belief in allah by making changes in nature. Most scholars believe that life insurance is not halal.

Islamic Business, Investment & Finance Whitepaper IFG
Islamic Business, Investment & Finance Whitepaper IFG from www.islamicfinanceguru.com

I want to be comfortable that the money i pay for this is ok and not haram. If allah is feeding you throughout your life, he can feed your children as well. Islam is islam no need to change it.

Islam Is Islam No Need To Change It.


For the purposes of this article let us take “insurance” to mean common types of insurance like car insurance, house insurance, pet insurance, medical insurance, and business insurance (as opposed to more complicated setups such as life insurance or reinsurance). This is because the benefit received from purchasing insurance is unknown at the time of sale i.e. It also consumes people’s wealth unjustly.

Life Insurance Ayat Allah Sistani:


Why is life insurance haram? The private insurances like private life insurance, fire insurance and car insurance that are asked in the question are not permissible if they contain haram (forbidden) elements. Why insurance is haram jazakallah khair brother.

Some Companies Might Invest Their Money In Businesses That Involve Gambling, Alcoholism, Or Entertainment, Which Is Not Allowed By Their Islamic Law.


You are taking interest and lacking belief in allah by making changes in nature. Insurance is the sale of uncertainty itself. Conventional insurance is haram (forbidden) in islam because it contains the element of riba, maisir and gharar.

Is Life Insurance Halal Or Haram?


Again there are two straightforward responses: Whether or not the insured collects any money or receives any benefit from purchasing insurance is dependent on unknown future events. Life insurance or insurance of one’s possessions is haram in islam because it involves deceit.

Is Life Insurance Haram Or Halal?


But insurance, particularly life insurance, is prohibited by many islamic scholars because insurance firms may invest the money in shares of firms that are in the business of alcohol, gambling or entertainment— this is not allowed by shariah or islamic law. By making arrangements of this nature, you are actually promoting interest and lacking belief in allah. It would be best if you kept a strong belief in allah.