IslamQA

LIC-Policy

Answered according to Hanafi Fiqh by Darulifta-Deoband.com
I am a free-lancer based in Delhi. I live in a rented house. My annual income is 8-10 lakhs rupees. My questions are: (1) I have an LIC Policy where I have to pay 24000/- per year. It covers death as well. Is it allowed?
(2) Can I take Home-Loan from a bank on interest? I have no other source of income, though I have some farming land.

بسم الله الرحمن الرحيم

(Fatwa: 291/267/B=3/1438)

(1) The business of LIC is based on interest and gambling; hence it is not lawful for a Muslim to avail such policy.

(2) It is not lawful for a Muslim to take loan from a bank in normal condition. It puts a man in trial and invites misfortune and problems in the house and business.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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