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I had Life insurance policy here in INDIA since 4 years, When i took it I was not aware that its not allowed in ISLAM, So no advise me whether I need to stop it, i might have to bear some loss

Answered according to Hanafi Fiqh by Askimam.org

I work in INDIA for a Software services company. I pay around 10,000/- rupees per month as Income tax to the govt of INDIA, which is a significant amount here. is there any way i can save this, I mean if i take a home loan on intrest from a bank, then I’ll get some Income tax deductions on the intrest which i’m paying to the bank.Is it Ok to pay the money as INCOme tax to the non islamic Govt. Please advise. Also I had Life insurance policy here in INDIA since 4 years, When i took it I was not aware that its not allowed in ISLAM, So no advise me whether I need to stop it, i might have to bear some lose of around Rs 30,000/-

Answer

1. Kindly clarify if the banks in India are run by the government or are they private? Also, inform us where you reside in India. We may refer you to the local Ulama as the query may require some insight that is specific to India.

2. It is not permissible to take out a life insurance policy. You should cancel the policy and bear the loss.

and Allah Ta’ala Knows Best

Mufti Ebrahim Desai

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This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.

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