Fatwa #1501723 March 2007Pakistan

Insurance Policy

Question

My question is that inssurance policy is allowed according to shariah or not. Secondly now a days as banks give vehicles on lease(installment) for specific period of time is it right to take benifit or not?

Answer

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatoh

Conventional insurance schemes are not permissible. If by lease you mean hiring, then it is permissible. That will be governed by the Shariah Laws of Ijarah.

If by lease you mean installments, then that is ambiguous. It could also mean Murabaha. Please clarify.

And Allah knows best

Wassalam

Mufti Ebrahim Desai
Darul Iftaa

#15157Is purchasing a vehicle through the bank haraam because of the interest or because of the insurance?
#10152Buying a Car on a fixed installment ...According to the bank (reserve bank laws) I have to insure this financed car. Would it be ok to then accept it with insuring the car?
#89831: Can we get insured us by taking life insurance policy?2: we rarely find intrest free banking ,the salary that a banker draws from his job is hallal?
#26810Can I work as an accountant for an automobile company that deals in insurance?
#17518I currently have two bonds and an overdraft. The initial amount of the bonds have long been paid off, it is basically the interest that I am paying. In order to get out of this sin, I have decided to cancel my life insurance policies
#18304INSURANCE POLICY IS GIVEN PERMISSIBLE BY Sheikh Mustafa Al-Zarqa so insurance company worker who is my relative .... please guide us with solid reply with full confidence
#31290What is the difference an interest policy and paying in installments?
#40371Vehicle leasing

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