We have a lot of goods (clothing) in stock – susceptible to fire. In the elections there might be such a problem. Fire insurance is only 0.2 percent of the value payable annually. Can we insure the property thus. As in case of fire, we can get bankrupt.
Answer
This form of insurance is against Islamic principles. Every measure of precaution need to conform to the principles of the Shari?ah and not in any manner against the Shari?ah.
According to the Shari?ah, every transaction between two parties in which payment by party (a) to the other (party b) is certain, while payment by party (b) to party (a) depends on a contingency, will be gambling and deception, hence, unlawful.
and Allah Ta’ala Knows Best
Mufti Ebrahim Desai