I have invested in Life Insurance Policy for the purpose of saving Taxes. My intention is that I will retain the original amount invested by me and will donate the interest from this Policy. In this situation, is it permissible for me to invest in Life Insurance Policy?

Answered according to Hanafi Fiqh by Askimam.org

I have invested in Life Insurance Policy for the purpose of saving Taxes. My intention is that I will retain the original amount invested by me and will donate the interest from this Policy. In this situation, is it permissible for me to invest in Life Insurance Policy?

Answer

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatuh

It is not permissible to invest in a life insurance policy even if the intention is to merely use the policy as a means of saving taxes.

And Allah knows best

Wassalam

Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah

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