LIFE INSURANCE -- Question/Answer Board

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Subject: LIFE INSURANCE

Author:
Muhammad Zeeshan

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Date Posted: 13:52:42 11/28/02 Thu
Author Host/IP: cache-loh-ab02.proxy.aol.com/195.93.33.8

ASSALAM-O-ALIEKUM

The question i would like to ask the respectable TEACHERS & SCHOLARS is about the LIFE INSURANCE:

Is it allowed to have a life insurance of yourself in ISLAM (ignoring the financial intrest, wheather paid or not by the organisations which run them)?

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[> Subject: Re: LIFE INSURANCE

Author:
Laila Nasheeba
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Date Posted: 15:46:13 11/28/02 Thu
Author Host/IP: dhcp024-210-178-136.woh.rr.com/24.210.178.136

As Salaamu Alaikoum,

Praise be to Allah.

Praise be to Allaah.

Shaykh Ibn Baaz (may Allaah have mercy on him) was asked about life insurance, and he said:

Insurance of one�s life or possessions is haraam and is not permitted, because it 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. And Allaah is the source of strength.

Fataawa Islamiyyah, 3/5