Is Life Insurance Haraam, and if so on what basis since this did not exist at the time of Prophet s.a.w.s.?How about the Variable Rate as against the Fixed Term Policies?

All conventional insurance policies are made up of two basic elements ? interest and gambling.

Both, interest and gambling, are expressly Haraam in the Qur?aan. The ruling will be the same if the rate is variable or fixed.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai