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Can I have a Life Insurance policy with the local Islamic School as the sole beneficiary?

Answered according to Hanafi Fiqh by Askimam.org

Many Jewish organizations thrive by this principle, the members put the charitable organization as the beneficiary of their Life Insurance policies, and when they die, the organization gets significant amount of money. Can we help our cash-starved charitable organizations in a similar manner?

Answer

1. Islam vehemently prohibits all forms of interest related transactions. Life insurance policies revolve around the principle of interest and Qimaar (chance and gambling). Hence, such policies are not permitted whatever the noble objective may be.

2. Let us not look at the wealth of others and become enamoured with what they have.? Let not their wealth surprise you.? (Qur’aan)

3. Money alone does not take care of Deen. Allah takes care of the Deeni organisations and those engaged in His work.

and Allah Ta’ala Knows Best

Mufti Muhammad Kadwa
FATWA DEPT.

checked & approved by: MUFTI EBRAHIM DESAI (FATWA DEPT.)

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