Islamic Life Insurance
I am thinking to undergo life insurance for my self for a period of next 20 years in favor of my wife and kids. Can some body recommend any good Islamic life insurance, which operates on Islamically permissible lines. I can consider local or international companies.
Many Thanks
Oh. I see. So basically you just copy other people's opinions?
So what’s your own personal opinion? Do you even realize we are no longer in the 17th century?
For you to refer :
http://www.islamqa.com/en/ref/10805/
Did you even bother running a quick research, or reading my post before writing your comments? i guess not! Typical Haram-mentality.
"Islamic" and "Life Insurance" cannot go together, if its Life Insurance then it is UnIslamic period.
Its not you who provides means of sustenance to your family but its provided by Allah through you.
Before any of you cries HARAAM!!
Let's Put it this way.
All businesses banks involved, the facilities- money transfers, checks & of course the banks involved interest/riba/usury.
The intention to get a life insurance is to ensure the family has some 'ample' compensation should the family member or the bread winner passed away which will protect the family from financial difficulties problems is not wrong.
Interest is the insurance companies' own way to deal with their investment. Their core function is to calculate risks & make sure the sum collected from everyone is enough to compensate the calculated probability.
The transaction/contract between the insurance company & the policy holder like is only about the COVERAGE & COMPENSATION as agreed. That's all.
Life insurance is unislamic..
what Islamic insurance you are talking about ? There is no concept of insurance in islam. no one can tell about the future incidents and any ones life.