At the outset, we would like to say that there are many financial products in the pipeline attempting to provide Shari?ah compliant alternatives to many of the Haraam transactions in vogue today. We fully support these initiatives and encourage those involved to fill this gap in our society. However, our primary concern is that these alternatives should, in reality, be Shari?ah compliant, and not jus the ?old wine in a new bottle?.
Coming to the question of Takaful SA, a senior representative of the company had approached the Darul Ifta, and had a meeting with us. He gave us an overview of his proposed product, and we presented some reasons why we did not feel that it comforms to the Shari?ah. The next thing we heard was that the product has been launched. If it is the same product that had been described to us, we would have to say that we are not satisfied that it is Halaal. If however the product has undergone changes, we would certainly be prepared to look into the matter.
We have written to the company in this regard. Please find attached below a copy of the contents of our letter. We await their response.
and Allah Ta’ala Knows Best
Moulana Imraan Vawda
FATWA DEPT.
checked & approved: MUFTI EBRAHIM DESAI
The Manager
Takaful SA
We have received a number of queries regarding your recently launched product, for example, question 11454 on the ask-imam.com
As you are well aware, during our last meeting, we had stated that the product presented to us does not, in our opinion, conform to the Shari?ah. If the product has changed from then, we would certainly like to study the new product so that we may study it and advise the public accordingly.
We would appreciate if you could provide us all relevant documents on the issue, which would be kept in confidentiality.
Looking forward to your urgent response.
and Allah Ta’ala Knows Best
Mufti Ebrahim Desai
FATWA DEPT.