Insurance

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder.

191300

Father . Death . Insurance . Khums . Inheritance

We are three brothers, and only one of us is married and earning. After our father's death, the department he worked for gave us insurance money. Is Khums applicable on this insurance money?

Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 1 year ago

The a mount received fron the insurance of your late father belongs to all the inheritors of your late father according to their shares of inheritance in Sharia. You don't need to give Khums from your share because it was been received as inheritance from your father.

Wassalam.

153821

Insurance . Interest . Employment

Is it permissible to work as a consultant for a Western insurance company, considering the possibility of interest being involved?

Insurance business is allowed according to our leading Islamic scholars (Maraaji’ of Taqleed) but interest is not permissible at all. You must keep yourself away from any interest.

‘Wassalam.

154173

Insurance . Investment . Mutual Fund . Stock

Is it permissible to invest in mutual funds or any market-linked insurance plans considering that we don't have knowledge of where the fund manager might be investing our money, which could include stocks, bonds, derivatives, and so on?

Yes it is allowed to invest in mutual funds as far you don't know that they use your money in unlawful business like alcohol, gambling, usury etc.

Wassalam.

153461

Insurance . Employment

Is it permissible to work in the job of selling any type of insurance policy?

Usually insurance policies are permissible to buy according to the verdict of our leading Maraaje' of Taqleed. When the policy is allowed, then selling it will be also allowed.

'Wassalam.

114726

Insurance . Islam

Can you please suggest reading material that discusses how insurance is permissible in Islam?

Sayyed Muhammad Husaini Ragheb, Sayyed Muhammad Husaini Ragheb has a BA in Law from Guilan University, Iran and has also undertaken Hawzah studies in Qom. He used to be a Cultural Affairs director of Ethics Group of Al-Mustafa... Answered 4 years ago

Salaam
https://www.sistani.org/files-new/book-pdf/english-book-45.pdf
pages 68 and 69
also
https://www.sistani.org/english/book/46/2049/
also
https://www.al-islam.org/ask/topics/8080/questions-about-Insurance
and
https://www.al-islam.org/code-practice-muslims-west-sayyid-ali-hussaini-...

112983

Life . Insurance

Is it permissible to take out life insurance?

Yes. Life insurance agreement is a valid and binding both the insurance company and the policy holder according our great scholars as one of the applications of the conditional gift الهبة المشروطة.
Wassalam.

108751

Islam . Insurance

What is the view of Islam on insurance?

Insurance is allowed in Islam being a contract between you (the insured) and the insurance company (the insurer) that you pay them an agreed amount with condition that they take financial responsibility in case something wrong happens to you, your family or your belongings according to the agreement.

Wassalam.

90936

Insurance . Employment

I work at a health insurance company as an operations specialist. My job is answering people's questions about the cost of ear tubes or physical therapy. I don't sell insurance. Is my job permissible?

The insurance contract between the insurer ( insurance company) and the insured is permissible in Sharia because it is similar to any conditional gift هبة مشروطة as the insured gives certain amount of money ( premium) to the company with a condition that if any thing wrong happens to him or his health or property etc, the company should pay for it fully or partly. This is a permissible contract.

Your work in insurance company is permissible.

Wassalam.

64991

Life . Insurance . Islam

Is whole term life insurance allowed in Islam?

Yes, life insurance is allowed according to our leading scholars because it is taken as what is known in jurisprudence as (هبة مشروطة) ( Conditional gift) because of the agreement between the costumer and the insurance company that he gives to the insurer a certain amount ( premium) with a condition that the insurer must give him or his family a certain amount if any thing happens to him or his family, etc.

Wassalam.

51966

Halal . Corporation . Actuary . Insurance

Is working as an actuary in the insurance industry halal? And would there be a problem working as an actuary for a private corporation if their products are halal?

Yes it is allowed to work as an actuary in insurance company or any other company as far as the related product itself is not against the Islamic rules.

Wassalam