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Subject: Insurance

Author:
Sameer

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Date Posted: 10:43:15 07/17/02 Wed
Author Host/IP: CM008037857297-CPE009027930591-abc.cpe.net.cable.rogers.com/24.192.73.20

Assalsam eu Alaikum,
Please advise me wheather buying and selling of Life insurances Haram or permitted.

May Allah Reward you(ameen).
Wassalam

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[> Subject: Re: Insurance

Author:
Laila Nasheeba
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Date Posted: 10:52:37 07/17/02 Wed
Author Host/IP: dhcp024-210-245-129.woh.rr.com/24.210.245.129

As Salaamu Alaikoum,

Praise be to Allah.

The buying and selling of life insurance is Haram because t involves gharar (buying/selling something where it is not known whether what is being bought/sold will actually be achieved/delivered, or in what specific quantity, thus putting one�s money at undue risk to being lost) and riba (usury, interest).

Allaah has forbidden all transactions that are based on riba, and all transactions which involve deceit, as a mercy to this ummah, and to protect them from that which may harm them. Allaah says (interpretation of the meaning):

�whereas Allaah has permitted trading and forbidden Ribaa�[al-Baqarah 2:275]

And it was narrated in a saheeh report that the Prophet (peace and blessings of Allaah be upon him) forbade deceit.

When a Person takes out a life insurance Policy he is gambling by saying if I die you will receive for payment such and such an amount. This is haram..

AND ALLAH KNOWS BEST

Laila Nasheeba