teacher and student

 

Insurance and loans


We live in a non Muslim country. In Islam, Bank Interest is not permitted. Many people are taking life insurance to secure their future or to take advance of loan where we must pay interest. I should be much grateful if you could tell how the above subject works in an Islamic Country.

The majority of the Fuqaha said that insurance of any kind is haram with the exception of car insurance due to its obligatory nature and the near-imperative-need (haja aw darura) nature of having a car for one's livelihood. If a similar darura can be ascertained in other cases, then the ruling changes to permissibility. It might be hard to ascertain that one is forced by absolute necessity to buy a house rather than rent one...

Now in the USA and probably elsewhere there are TAKAFUL groups which provide halal insurance of all kinds insha Allah and they can help with such coverage.

For example: First Takaful USA, at 1-888-Takafol in the US, email: info@takafulusa.com. Also look up LARIBA Bank.
Also write Dato' Nor Mohamed Yakcop, a Malaysian specialist of Islamic banking at nmy67@tm.net.my whom I was honored to meet at the Second International Islamic Unity Conference in Washington, DC in 1998.

Hajj Gibril ©

 



 

 

2001-06-16
latest update: Thu, 12 Feb 2009
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