Channel: Faith IQ
Is life insurance? How wrong?
When it comes to Sharia rulings in business transactions, it's very important to identify what exactly is being sold in terms of a product or a service when it comes to insurance, that is where that gray line is, what is the product or service that is being provided by the insurance company? Now, when you look at insurance, it is built upon probability, what is the likelihood of a catastrophe taking place, and therefore, we will compensate you based upon that damage. And from my understanding, the vast majority of scholars have made insurance prohibited in Islam as long as it is not mandated by the country that you live in. So, for example, when you look at car insurance,
most countries now require that you have some sort of insurance in order to drive a car so the Sharia can accommodate to that. Whereas when you look at life insurance, this is purely about personal benefit. And in those situations, the Sharia would not accommodate it to something like that. And if you feel that you are an exception to the rule, then please feel free to speak to your local Imam or shift and Allah Subhana Allah knows best. Subscribe to this channel, share this video and click on the bell icon so that you can be notified with every new video at faith IQ