Darul Iftaa Mahmudiyyah

Insurance Policy

· 4 Rabiʻ I 1428 AH1 min readFatwa 15017English

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

Answered by
Mufti Ebrahim Desai
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/15017
Fatawa SA: https://fatawa.co.za/fatwa/askimam-15017

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