My question is that inssurance policy is allowed according to shariah or not. Secondly now a days as banks give vehicles on lease(installment) for specific period of time is it right to take benifit or not?
Answer
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatoh
Conventional insurance schemes are not permissible. If by lease you mean hiring, then it is permissible. That will be governed by the Shariah Laws of Ijarah.
If by lease you mean installments, then that is ambiguous. It could also mean Murabaha. Please clarify.
And Allah knows best
Wassalam
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah