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Islam/Regarding Life Insurance !


Sir ,

I want to plan to make a life insurance name 'MEtlife ALICO ' which is the international based organization . Before I want to
join with this Life insurance I need to know what Islam says about Life Insurance .

 Here I explain about my insurance policy  ,

My insurance is based on DPS . I give 2000 taka per month for 5 years . During this 5 years period , If there any accident
will be happened then they will give me 3,60,000 taka coverage at any moment and if no accident will happened then company will give me profit after 5 years , where rate of profit is not fixed . It can be profit or can be loss related with the benefit/loss of the company . I think this profit/loss sharing is not conflict with Islamic rule .

But For any types of accident , I recieve a big money for accident purpose . Here I can collect a big money where my investment may be
very little .

Now my question , Is this type of Insurance is valid in Islam or not ? Can I take this type of Insurance ?

Brother...Actually this live and wealth are of not ours. It is of Allah. It is already bought be Allah in exchange of Jannat. See Quran Surah Taubah:111."Allah hath purchased of the believers their persons and their goods; for theirs (in return) is the garden (of Paradise): they fight in His cause, and slay and are slain: a promise binding on Him in truth, through the Law, the Gospel, and the Qur'an: and who is more faithful to his covenant than Allah? then rejoice in the bargain which ye have concluded: that is the achievement supreme."-Yousuf Ali.
So how can we re-sell it in hands of insurance company. Either in terms of death or Accident , it is not allowed.

Above verse is reference...Also you can Fatawa of Ulama, that is also same.



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Shakeeb Ahmad


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