Is insuring one's business halal or haram?
Published as Insuring one's business and working in an insurance company
Question
1. Is insuring one's business halal or haram?
2. Is working in an insurance business allowed in Islam?
Answer
1. Insurance is haraam as it contains the elements of gambling and interest in it. Hence, the income earned through such an occupation is haraam.
2. Working for such a company is impermissible as one will be involved in haraam.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Zakaria Makada
- Checked & approved by
- Mufti Ebrahim Salejee (Isipingo Beach)
Where scholars differ, it’s safer to take the more cautious view.
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/24924
Fatawa SA: https://fatawa.co.za/fatwa/muftionline-24924
People also ask
Is insurance permissible?
“Life insurance policies are Haraam as it is based on interest, gambling and uncertainty (Gharar). Make Taubah and Istighfaar for your mother for engaging in Haraam dealings. There are severe warnings cited in the Mubarak…”
Ibn Masood · 392 fatawa from 7 Darul Iftas on this
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