Mufti Online — Madrasah Ta'leemuddeen

Investing in an insurance company

· 13 Jumada I 1439 AH1 min readEnglish

Question

I will like to know if it is permissible to invest money in an insurance company and the money I invested will be paid back to me double the amount that I invested with them. For example, I invested 4 million and get back 8 million in 7 years.

Answer

Insurance is haraam as the elements of gambling and interest are found in it. Hence, it is not permissible to invest in an insurance company.

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Zakaria Makada
Checked & approved by
Mufti Ebrahim Salejee (Isipingo Beach)
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/24235
Fatawa SA: https://fatawa.co.za/fatwa/muftionline-24235

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