How is Takaful life insurance halal?
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Written on: 02.11.2009 [10:40]
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Kirsten
Kirsten
Topic creator
Posts: 4
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I was recently researching into the Islamic laws regarding investment and banking. As a new Muslim sister I was unaware that I was not allowed to gain interest in my bank account and have now changed banks to the Islamic bank of Britain. However, it got me interested in to all the other aspects of our life nowadays that I need to research into. For example, I would have thought that any type of life insurance would be completely haram as it is Gods will how and when we die and in turn how much is left to our kin. Money is never seen to be the provider, Allah is the provider not money that we leave behind after death. So my question is, how is Takaful life insurance halal? |
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Written on: 04.11.2009 [16:05]
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Jala
Jala
Posts: 4
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Insuring one's life and property is definately forbidden; it is not permissible due to the fact that Al-Gharar and usury are always involved. And Allah - the Almighty the All-Powerful - has forbidden all types of dealings that involve usury and dealings in which there is Al-Gharar. Allah - Most Glorified, Most High says: "wheras Allah has permitted trading and forbidden riba" (usury). Al-Baqarah 2:275 |
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Written on: 05.11.2009 [09:43]
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Kalila
Kalila
Posts: 7
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No Takaful is different as it does not involve usury. If you read the information on their website you can see how it works. There is also information written by the European council for Fatwa and Research: http://www.takaful.coop/index.php?option=com_content&view=article&id=2:about-takaful-insurance&Itemid=15 |
