Fatwa #1649528 March 2008India

It is not permissible to invest in a life insurance policy

Question

I have invested in Life Insurance Policy for the purpose of saving Taxes. My intention is that I will retain the original amount invested by me and will donate the interest from this Policy. In this situation, is it permissible for me to invest in Life Insurance Policy?

Answer

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatuh

It is not permissible to invest in a life insurance policy even if the intention is to merely use the policy as a means of saving taxes.

And Allah knows best

Wassalam

Mufti Ebrahim Desai

#10360Can Life-Insurance policy be taken in a non-muslim? Is there any fatwa regarding it? How else can we invest to make savings and avoid tax according to Islam?
#9077I am having a life insurance policy from a govt company only to save income tax.In my policy no intrest is involved. Is it allowed. If it isn't then how should one prevent unislamic income tax.
#42466Is it permissible to take out a life insurance policy to cover taxes?
#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
#44344Taking out a Life Insurance Policy to avoid Estate Duty Taxes
#47911Should I cancel my life insurance policy?
#19259I am working with an American Title Insurance and Mortgage company in as a process trainer. I have also invested in stock market and Islamic forex. Could you please help and make me understand whether I am in a wrong profession?
#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?

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