'Is insurance permissible in Islam?' Many people have this question in their minds, and they often neglect the benefits of insurance because of their doubts and misunderstandings.
It's worth mentioning that all insurance companies don't indulge in 'gambling' and riba, especially, in the Muslim countries, as most insurance companies in Pakistan offer takaful plans, besides their conventional insurance policies. Albeit, all conventional covers aren't haram, 'if they are in accordance to the Islamic laws.'
However, it is important to note that all insurance companies don't abide by the Shariah principles. Some conventional insurance companies may still involve riba and gambling in their operations. Therefore, it is necessary to conduct thorough research and investigation before choosing an insurance provider to ensure that their practices align with your morals and religious beliefs.
Here, I'm sharing quotes and sayings of famous Islamic scholars.
"The principles of takaful (Islamic insurance) are based on the concepts of mutual aid and cooperation, and are therefore in line with the principles of Shariah," a quote from Sheikh Saleh Abdullah Kamel
"The principle of indemnity is in accordance with Islamic law, which allows for the payment of damages suffered by an individual as a result of an accident or loss," Sheikh Nizam in Yaquby's opinion.
"The principles of cooperation and mutual assistance that underpin takaful (Islamic insurance) are in accordance with the teachings of Islam," said Sheikh Taqi Usmani, he also said, "Insurance is not permissible if it involves elements of riba (interest), qimar (gambling), and gharar (uncertainty)."
In words of Dr. Mohammad Omar Farooq, "Insurance is a form of mutual cooperation, and cooperation is a fundamental principle of Islam." Regarding takaful, he said, "The concept of takaful provides an Islamic alternative to conventional insurance, and is based on the principles of mutual aid and cooperation. It is permissible in Islam as long as it is conducted in a manner that is free of any elements of riba, gharar, and maysir."
According to Sheikh Yusuf al-Qaradawi, "Insurance is permissible in Islam as long as it is free from gambling, uncertainty and interest."
Sheikh Abdullah bin Bayyah also holds the similar view:
"There is no harm in insuring oneself against potential harm or loss, as long as the insurance contract is free from any element of interest, gambling or ambiguity."
For further insights into this topic, read, '
- 'Is Insurance Unislamic' by S. A. Mahmud, published by Daily Dawn, Karachi, dated 6th January, 1952
- Permissibility Of Life Insurance
- An Islamic View on Health Insurance
Let me know me if you want to read more on this topic.
Being a certified insurance agent, I sell policies of different insurance companies in Pakistan, both conventional and takaful. You can contact me to discuss the plans that suit your needs and budget.
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And verily, Allah knows the best!
وَاللّٰہ اَعلَم بِالصَّواب
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