Beema e zindagi life insurance by shaykh mufti muhammad. Only in the remembrance of allah can the heart find peace quran, ch v. Muslim scholars have different opinions regarding this kind of insurance. Is it acceptable in islam to take out health insurance, life insurance, car insurance, etc are there islamic alternatives to conventional insurance programs. Allah has favoured his slaves with seasons of goodness in which rewards are multiplied, sins are erased and statuses are elevated. 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. In the circles of contemporary shariah scholars, there are three opinions about life. And if you dont yet own one, consider reading this and the others if you want the real truth about life insurance that it is an excellent financial vehicle that does a whole lot of good, not just for. Social insurances have three units called retirement fund for civil servants and officers, workers insurance, and shopkeepers and businessmen insurance. This book is positioned as a quick introduction as well as a quick reference to islam as a personal way of life, personal religion and source of public policies. There has been extensive research and discussion and modernization in shariah by esteemed scholars. When you are alive, youre able to take care of your family and youre able to provide them with basic necessities and luxuries.
In most cases, however, it is not possible to look for or ask about the appropriate islamic rulings at that time this book presents some of these situations. The joint family system is a very good example of humanism, benevolence, mutual trust and cooperation. Could you please explain whether life insurance is permissible from the islamic point of view. Insurance companies like state life invest the premiums in real estates and earn rental income for its policy holders and declared the profit rate on the income of previous two years income after dedication of. Relatives not in the above list are not among the standard heirs. We cannot afford to countenance a system of morals or law which justifies the individual in looking to the community rather than to himself for support in age or infirmity. Shaykh ibn baaz may allaah have mercy on him was asked about life insurance, and he said. In the life insurance, the insured person is guarding his family against becoming destitute in case of his death. Mar 10, 2016 a great book and a new way of thinking about life insurance that everyone should read.
Top 10 best life insurance books your life matters a lot. The muslim may be faced with a number of emergency situations in his life, where he needs an immediate answer as to how he should act in that particular situation. These two conditions rule out regular fixed return life insurance because the value of the policy is the outcome of investment premiums at a compounded rate of interest, while variable return life is permissible if the funds are invested in the shariah approved stocks or mutual funds. Insurance of ones life or possessions is haraam and is not permitted, because it involves gharar buyingselling something where it is not known whether what is being boughtsold will actually be achieveddelivered, or in what specific quantity, thus putting ones money at. Page 47 we need measures which shall increase individual responsibility rather than diminish it. Members of a family or clan are branches of the same root. In the first constitution of madinah which was drafted by the prophet muhammad.
Life death hereafter aakhirat 1 misconceptions difa e akabir 40 prayers duas durood 82 quran. I know that this money is haraam, so i put it in a separate account in the bank and i use it for charitable purposes only. Therefore this stage 3 is very important testing ground for human being. Glossary list the keywords used in this book and the reasons why. Nikah through video conferencing by mufti shafiq jakhura and mufti m. Nonmuslim relatives are not eligible for inheritance. Used correctly, it is better described as a personal bank on steroids, and a financial bunker for tough times. And if you dont yet own one, consider reading this and the others if you want the real truth about life insurancethat it is an excellent financial vehicle that does a whole lot of good, not just for.
Buying a life insurance policy so as to leave something, when one passes away, for ones loved ones called beneficiaries who could be ones siblings or children. Life insurance is a new contract not known in the history of fiqh. If the person who receives life insurance pays money and the insuring company is committed to insure him against illness or any incidents, there is no problem. I originally wrote live your life insurance eight years ago for my own clients as a sort of owners manual to their life insurance policies. Aug 16, 2009 an english book regarding life insurance, life insurance and the muslims by aleem khan falaki, life insurance is a protection against financial loss resulting from sudden death, a practical guidance to the muslims, particularly those who are living as minorities. Refuting isis a rebuttal of its religious and ideological foundations. As well, as part of this contract, the insured person can stipulate that at the end of the period of insurance, the company should give him or someone else the equivalent amount or more than what he himself had paid. I found myself telling the same stories and explaining the. Life insurance is nothing but selling your life for a few dollars. Apr 09, 2009 life insurance is a new contract not known in the history of fiqh.
The attraction to take a life policy seems too strong when one considers the need for economic security in life. Islam about insurance state life insurance corporation. The attraction to take a life policy seems too strong when one considers the need for economic security in. What is the sharia position on buying and selling life. His articles as well as his answers to the readers questions about islamic issues are read with interest and trust in him. Life insurance is defined as a protection against the loss of income that would result if the insured passed away. Kitabalbuyu book of transactions if what is meant by submitting your papers to the insurance company is that you have health insurance, or intend to take out health insurance, you should note that this insurance is haraam, as is socalled life insurance, because the insurance policy in both cases involves ambiguity. They are not among the contracts unlawful due to inherent risk since it is a contract to give voluntarily. Islam question & answer is a site that aims to provide intelligent, authoritative responses to anyones question about islam. Insurance companies get premium or certain amount in form of installment for life insurance or for vehicle or other things for a certain time span as offered by the companies, e. He pays premiums so that he receives the peace of mind which is associated with the knowledge that a handsome amount of money will be paid to his family. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
To be clear, this book is not about the typical garbage peddled by most insurance agents. Jun 12, 2008 dear jazzy asalamu alaikum in the society there are 2 types of insurance company e. I recently immigrated to canada, after 6 months i got an opportunity to interview with a company called abc life insurance. Recently there has appeared that which is known as insurance, for wealth, business and cars, and there are now companies which deal with this and insure cars in the sense that if the car is in an accident they will pay for its value and if people are killed as a result of the accident they will pay the diyah blood money. For health and life insurance it is not gambling as you are sure to get it.
Commercial insurance of all types is haraam, whether it is life insurance, health insurance or insurance of ones property. Its mean to ensure some financial benefits to your family in case of some misshappe and major factor is compulsory saving for you future. Working as an insurance agent by mufti shafiq jakhura and mufti m. Rather, an alternative to the risky investment strategies taught by wall street. When a person is forced to do so, such as if he is forced to take out insurance on his car or a company forces its employees to take out health insurance. Any insurance was not permissible in islamic law till recently. From the greatest of these seasons is the month of ramadan which allah has made an obligation upon his slaves, encouraged them regarding it and guided them to show gratitude to him for this obligation. Dec 12, 2009 insurance is not a selling of life of some one. Tom wheelwright, cpa, author of taxfree wealth i originally wrote live your life insurance eight years ago for my own clients as a sort of owners manual to their life insurance policies. Marriage with hindus by mufti shafiq jakhura and mufti m. Valuing jewelry for zakat calculation by mufti shafiq jakura and mufti m. Huda is an educator, school administrator, and author who has more than two decades of experience researching and writing about islam online. I wanted to inquire about the islamic point of view on insurance sales.
If the wife is expecting a child delivery, then the baby will receive the share. Americas elite have been using cash value life insurance to stockpile wealth for centuries. A great book and a new way of thinking about life insurance that everyone should read. Again, if you own a life insurance policy and have begun to wonder why, francis book along with butlers and even dykes will remind you. Think of insurance as a program that collects money from each person and if someone needs help, that money goes to help such person. I do not use a single pound of it for any personal interest. In most cases, however, it is not possible to look for or ask about the appropriate islamic rulings at that time this book presents some of. Life insurance contracts are a type of commercial insurance. Sep 30, 2016 gratitude and dua is health insurance allowed in islam. In essence, this insurance is similar to the principles of compensation and shared responsibility among the community where all participants guarantee each other against unpredicted future financial risk that would alter the financial situation of participants families. In case of life insurance this period is mostly of 20 years. Muslims are like living in jail in this temporary world. Islam about insurance state life insurance corporation of. Beema e zindagi life insurance by shaykh mufti muhammad shafi r.
It is only natural that they should remain united in their domestic management and family life. It is the duty of muslims to remind each other and his nonmuslim friends about allah, death, the next life resurrection, reward and punishment, hell and paradise. Dear jazzy asalamu alaikum in the society there are 2 types of insurance company e. May 24, 2012 beema e zindagi life insurance by shaykh mufti muhammad shafi r. Now, deoband ulemas clerics have issued a new fatwa stating that buying life insurance policy or getting property insured is unislamic. Adil salahis name is not new to the permanent readers of the arab news daily from saudi arabia. Now the insured person will pay amount annually for 20 years.
Aug 09, 2009 an english book regarding life insurance, life insurance and the muslims by aleem khan falaki, life insurance is a protection against financial loss resulting from sudden death, a practical guidance to the muslims, particularly those who are living as minorities. Gambling is paying something for the hope that you will get more. There is a strong similarity between the life insurance and such schemes. Islamic ruling concerning insurance life insurance and the. The official website of the office of his eminence al. Among the above types the 3rd type of insurance is an organization of help and solidarity with the community hence it is permissible in nearly every sect and thought of islam. Dec 18, 20 i wanted to inquire about the islamic point of view on insurance sales. There are many different types of insurance policies. Serve the religion in anyway possible, be honorable to allah dont worry what people saythink of you, you are pleasing the creator not his creations. This is where a person pays a fixed premium to an insurer so that in the event of the death of the person insured, a predetermined sum of money will be paid by the insurer to a stated beneficiary or beneficiaries, who are usually the dependents of the insured party.
Life insurance is a kind of commercial insurance, which is haraam, because it involves uncertainty, riba and gambling, and consuming wealth unlawfully. Refuting isis a rebuttal of its religious and ideological foundations paperback by shaykh muhammad alyaqoubi. It is not a contract for exchange and thus nullified by risk since its risk does not lead to disputes between the various parties because people make frequent use of it. Bibliography contains the sources used to compile this book. I had a brother who worked for a foreign company, and he passed away, and his company gave us some money from his life insurance.
Allah said, believers have purchased the life of hereafter for the price of this world, besides, life insurance moves a heart away from the prayers, consequently, it undermines allah. Islamqa search through over 75,000 islamic answers find authentic islamic answers from over 69,000 questions. What does islam say about having life insurance policies. Islam way of life wikibooks, open books for an open world. After passing 3 exams i am now a licensed insurance advisor selling accident and sickness insurance for selfemployed andor small business owners.
An english book regarding life insurance, life insurance and the muslims by aleem khan falaki, life insurance is a protection against financial loss resulting from sudden death, a practical guidance to the muslims, particularly those who are living as minorities. Nov 02, 2019 in the name of allah, the kind, the merciful. Insurance in islam state life insurance corporation. Oct 27, 2019 life insurance is defined as a protection against the loss of income that would result if the insured passed away.
Mar 15, 2008 these two conditions rule out regular fixed return life insurance because the value of the policy is the outcome of investment premiums at a compounded rate of interest, while variable return life is permissible if the funds are invested in the shariah approved stocks or mutual funds. It is not permissible to work in commercial insurance companies, because this is a kind of cooperating in sin, which allaah has forbidden, as he says interpretation of the meaning. Gratitude and dua is health insurance allowed in islam. The fetus is regarded by all schools of islamic law has having the right to life, as indicated by the fact that the death sentence on a pregnant woman can be carried out only after she has given birth. Islamic ruling concerning insurance life insurance and. Life insurance as a concept does not contradict the requirements of islam. Giving zakat to nonmuslims by mufti shafiq jakhura and mufti m. The late shaikh mustafa alzarqa, who was one of the top islamic scholars of the 20th century, wrote a book on insurance, looking at all aspects of it. No one may be deprived of life except for a legitimate crime. Minimum age of goat for aqeeqa by mufti shafiq jakura and mufti m. Insurance is a system of protection from some risks and harms. You can narrow down your search from hanafi, shafii, maliki, and hanbali schools of law.