Permissibility of Insurance Policies
|Q.1. Many insurance policies are available on the market, such as life, medical and professional quality insurance. What is the Islamic view on these?|
A.1. Scholars differ in their view on insurance, with some saying that it is forbidden and others pronouncing it as permissible. Therefore, it is necessary to examine their views very carefully. The late Shaikh Mustafa Al-Zarqa, who was one of the top Islamic scholars of the 20th century, wrote a book on insurance, looking at all aspects of it. He concluded that all insurance is permissible, as it is a form of cooperation among a group of people to reduce the effects of an adversity that befalls any member of that group. He discusses the objections raised against insurance in a highly scholarly way, and rebuts all arguments. I find his verdict very convincing, particularly because he was very thorough in his work, able to analyze problems of modern life in the light of Islamic guidance.
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