Fatwa #1687029 June 2008India
Can i rent out my property to an Insurance Company?
Question
I am in India, I have a plot in city. I am planing to construct a building and rent out it offices becoz that particular land is exclucively suitable for offices. I got very good offers only from banking and insurance companies. Other firms will not give such an offer. is it permissible to rent out them in this situation. If not , Is it permissable to sell out to a third party the entire building with accomadating thies financial institution becoz I will get a very good apprieciation in the sale of the building.
Answer
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
According to Shariah, it is not permissible to let your premises to insurance companies as it is regarded to be aiding the evil of interest.
If it is possible to let out the building to another tenant who deals in lawful trade, then you may let it out to them. However, if you feel that the rental will not be affordable to anyone besides haraam companies, we advice that you sell the property.
And Allah knows best
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa