Commercial Insurance has been deemed unacceptable under IslamicSharia law by many scholars. This includes property insurance (house,car), life insurance, and health insurance.
However, many scholars have allowed car and home insurance wheneverthere is no Islamically accepted alternative available, and more sowhen the local law requires one to be insured.
Here are some Fatwas on the ruling on Insurance under Islamic Law:
- Islam Online Fatwa 1
- Islam Online Fatwa 2
- Islam Online Fatwa 3
- Islam Online Fatwa 4
- Islam Online Fatwa 5
- Islam Online Fatwa 6
Islamic Alternatives for Commercial Insurance.
- Takaful USA Provides an Islamic alternative to commercial insurance for individuals, schools, mosques, and businesses.
- Amana Takaful Provides Islamic Takaful Insurance in Sri Lanka.
Some online Resources on Insurance and its status under Sharia. Many of those linksare based on a Summer 2000 posting on the IBF Mailing List by Javed Ellahie.
- Islamic Insurance is a web site dedicated to the subject of Islamic Sharia position on Insurance, islamically acceptable alternatives, and much more.
- An article in IslamiQMoney entitled: Takaful: An Islamic answer to insurance arrives in the United States by Ramzy Baroud, discusses the slow emergence of Takaful products as alternatives to conventional insurance in the USA.
- Article on Insurance at the Islamic Halal Finance site.
- Dr. Muzammil Siddiqi's article on Life Insurance from PaksitanLink web site.
- Article from Islamicity, originally published in a Jeddah Newspaper Religious Editor titled: "Insurance: A review on legitimacy of general and life insurance".
- By Dr. Muzammil Siddiqi and article on "Issues on Disability Insurance, Hadith and Sunnah".
- Another article by Dr. Siddiqi discusses the subject of "Will and Inheritance".
- The Muslaman Islamic Portal has a very good search engine. This Insurance Search on the Ask the Scholar section will provide lots of useful information.