What does Islam say about having Life Insurance Policies?
Life insurance on his mother?
Salam
I know a person who may or may not be related to me. Recently, I found out that he had a life insurance policy on his mother. The mother has passed away (Allah give her a space in heaven Ameen). He has received some good amount of money.
First of all, I am very angry and upset that he had a life insurance on his mother.
Secondly, that money is haram.
I think it is equivalent of selling your mother's death to make money. If I think so, is it wrong to think this way.
As being Muslim, we should never make a deal of our families life and death. Mother being the most dearest to us in this world.
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asalamu alaikum,
insuring ones life and property is forbidden; it is not permissble due to the fact that Al-Gharar and usury are involved therein. " Allah has permitted trade and forbidden usury." surah Al-Baqarah 2:275
ma salama
Insurance is not a selling of life of some one. Its mean to ensure some financial benefits to your family in case of some misshappe and major factor is compulsory saving for you future.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 Expenses i.e salaries, calims etc.
Insurance is covered your financial lose emotionally lose can not be covered but through life insurance you can secure you financial lose because many of family i seen in my life that after the death of bread earning person they face lot of problems even they had fixed asset but other close relative cheat and they lose and survival was difficult so i think should by the life insurance policy to cover financial lose
Dear Islamic Bros and sis!
many of you are saying that insurance is haram the money get by insurance is haram. let say some one is agree with your argument. all of you can explain me that what will be the future of those childern one sole earner of any faimly died. i think all of you listen this but did not see or living that life. no one comes for help. plz for god sake change your behviours. after death of a husband widow comes on road, do hard work is this hilal?be a practical muslim.????.
helping the widows is haram than the insurance is haram. proividing money for education is haram than insurance is haram.
Assalamoaliakum bro,
I am very confused about your comments on life insurance.
Are you saying something according to Quran and Sunnah?
Plz explain your words in detail.
Thanks in advance
Salman sarwart
I am also confused about your comments on life insurance.
It is halal and necessory now adays.
I am agree with u.
We cannot change Islam for our needs!
dear all
we are waisting our time in this discussion.we should save some thing for rainy days.state life helps us when our own people hate announcing orphan, widow poor and so and so. let us trade with this organization for the best future of our home land, and our children. no quarels arise in economically strong families.we have to sacrify for our next coming generations in two ways, teaching them as islam wishes 2ndly by leaving prosperous background, our generations can be prosperous only by savings not by begging. we can get rid of begging only by planing for betterment for the nation. economiclly sound nations rule while criticising person suffer. origion of this process was laid by traders in 1400.trade cant be defined as usary.no forcement is laid to have a policy but suggestion for savings and economic strength
Majority of Islam agreed that life Insurance is haram, right, ask the one question you would like someone to ask you, would it be an Islam way or not to making sure all of your debts are secured after life? if you don't have the means to secure the financial debs and obligation you owe to society, then do Islam person supposed to be careless person, if not, then I do agree that having the right amount of life insurance to cover your losses, and love one's you leave behind should be responsible thing to do, as economics would advise you, in order to live within your means you should always have one half of your salary in savings at all times to prepare and overcome hardship
Insuring your livelyhood is not the same as insuring your sole!
you are right.
insurance is halal
I have a question.
would disability insurance be haram? for example. one pays monthly for example 70$ for a clause that if they get injured and cannot work anymore, the insurance will pay for example 2500$ a month salary for the time of the disability until person gets better. so some ppl will pay forever and never get disabled and die so that money is lost and some ppl actually get disabled and it helps them survive since they are unable to work.
is it haram/same like life insurance? thank you.
How about buying a house with interest? I get confused about these things. How can I explain to people that it's not haram to own a house in the states because of the country's system. Then everything will be haram if we live let's say in America, loan for college, health insurance, etc.
Tami, all interest-based loans are haram. It doesn't matter where we live. I just met someone who bought a house in the USA through an Islamic finance house. There are solutions if we look. I believe we answered a question on this subject recently - look for it.
Wael
IslamicAnswers.com Editor
Brother Wael
Assalamwalekum.
What happened to that research? I am very keen to understand finances in Islam. I was not aware that life and health insurance were haraam... i was told that in a country like india where income tax is so high, intrest could be used to pay taxes? How correct is that? And i would greatly appreciate a detailed post by your finance experts on this entire topic
Our finance expert - brother Waseem - looked into the life insurance issue. Life insurance that pays a fixed premium is considered haram. Waseem investigated other types of insurance, but was not able to come up with an answer. You need a scholar who is well versed in Islamic finance.
Wael
IslamicAnswers.com Editor
Asalam-o-Aliakum,
Sir,
please sir tell me about the life insurance is this right or wrong in Islam. Is life insurance allowed in islam or not. or about the zakat ion the paid or submit amount of insurance installment pls inform me complete detail id this is allowed in islam then ok if not waht can i do now because i have done this. if i will cancel this so i am going to lost my paid money so if after the 3 installment i will cancel this so my complete paid money return back to me.
Conventional term life insurance is clearly haram according to the scholars. However, there are a variety of insurance products available now. I have asked our Editor, Abu Abdul Bari, to research the subject and write a response. He has expertise in the area of finance.
Wael
IslamicAnswers.com Editor
please correct me if i am wrong, i heard some where that in Hazoor Pak time, there use to be Kafilas and in every Kafila they use to keep small amount of money in one bucket, and if any miss happ happened to any Muslim, it was pre decided to give the bucket to the family. this is the same way State Life doing - and the money they are earning is from - State Agencies. it seems Halal - to me i am not mufti but i will ask mufti sahab soon
salam im mohammad from iran you tell right but i dont think that man want her mother death if we want or not it will happend and it dosent matter another think is that if you buy a bima for your child it dosent mean you want them seek
life insurance is 100 % halal because in islam fixed profit is haram...but here is a unfixed situatuin...thanx
Syed, you are mistaken. Life insurance policies generally pay a fixed amount.
Wael
IslamicAnswers.com Editor
Life insurance is HARAM in light of Quran & Hadees. Reasons being:-
1. You pay fixed money every year and get back promise of Extra money in future. This is Riba. Sum of money paid is less than money received either in case of death or maturity.
2. You get fixed & pre calculated profit. No risk, no loss expected. This is Riba. In Riba free trade one don't know either profit or loss.
3. Symbol of weakest state of Eman.... that "When I will die, my wife will come on road and my child will beg for food"..... All of us are not beggars and all widows are not on roads..Rozee is written before creation of universe... Tawakal on Allah. You can save money in Halal way. Save in gold...property.... or invest in child education....
If you are member, just don't try to make Haram...halal... but stop and take U-turn.... Allah will give barakah to your rizk.
Allah help us and guide us to truth.
Ameen
You won't believe there's is so many people in england and Pakistan who have got State Life insurance. I very nearly got it , but didn't cos it's not 100% halal. 1 rupee for 5!
Do you think Investment by State Life in Pakistan is 100% halal? There is soo much baimany/fraud in pakistan every where you go from Airport to Zakat so how could any investment in pakistan be halal?
Also if any doubt ( scholler says) if 100% halal in investment then best stick to not getting it
I agree with brother M Aamir Raazaq
Jazak Allah M Aamir Raazaq Brother,
I agree with brother M Aamir Raazaq
Thank You.
Dear brother wael. I think first our Islamic countries should make a islamic economic system than we can talk on halal or haraam.haraam . Other wise A salary based slave person's child will also slave.slave . and if life insurance gives you a way to stand then why people says that this is haraam. Now these days all banks all companies every people is based on this economic system. Where we go. You don't have any way .
This is a question only. Am not a scholar or educated person. Please anyone answer so that I can make my way right.
On last.last . my English is weak.
It would indeed be wonderful if the Muslim nations implemented Islamic economic principles. However, the halal is still halal, and haram is still haram.
And by the way, there are many Islamic banks now that offer Islamic home financing, business financing, investment funds, etc.
Wael
IslamicAnswers.com Editor
Brother ,
When salaries are getting credited in to banks and we end up having money in banks which deals with interest ...Whats is the view on these scenarios ?
i think necessory now adays
I don't know how one can say this is haram. If any act which ensures financial crisis management is Haram how can be the act of Hazrat Yousaf Aleh Salam to store wheat in time of crisis of food was right? R we more faithful then him?(Naawoz u Billah). Is it just a backward thinking which was there at every time of progress make it impossible to develop.
1. Who was the person who said printing is Haram. Hand writing is halal?
2. Who was the person who said Satan use to speak in speakers ?
3. Who was the person who said rent, installments, banking etc. Are Haram.......
This only was the molve of certain thinking approach. Think y molve today prints his books, why he speak in loud speakers, why he lives in rented home and why he is in the banks today?
Dear All!
I want to secure the future of my children through postal life insurance Education and Marriage Plan, Can you please guide me through according to Quran or sunnah sayings.
Regards
Insurance just like a t.v . Now its your wish, you Can See bad picture or also any other positive.
I think those who are saying k wo apni family k ly kuch chorna chahte han and all for widow and children n all .... i think we all have lack of believe and TAWAKUL... bcuz jab Khuda ki zaat ne khud keh dea hai k when HE is the only one who look after you then you dnt need to worry and just need to have a faith ...
then again many ofr us with argue k HE also say HE will help whose who help themselves... yes exactly so the greatest gift that one parent can give to their children is the knowledge the learning of Islam which will help them here after when will no longer with them and even in the next life....
then again is a necessity of life... so kiya Khuda ko ye baat maloom ni ti k He will let people in such situation k unki zarort ban jaegi ...
I dnt have much knowledge but yes if any one have example for Holy Prophet SAW life or from Sahaba life that from all their wealth they get at battles or by any mean they collect it of save it for their families this way..
Kindly share so we all can help each other to guide.
JazakAllah