I purchased a new bike and unfortunately that was stolen after 3 months. I claimed the amount with insurance company and got the 85% amount of total purchase value. Now I am doubtful if this amount is halal for me and can be used in my needs. Kindly guide me I am planning to purchase a new bike with the amount received.
بسم الله الرحمن الرحيم
(Fatwa: 436/380/L=4/1439)
In the above mentioned case it shall be legitimate for you to use amount equal to the amount which you have deposited i.e. whatever you paid to the insurance company in the form of installments. It is not lawful to use the extra amount as it is interest.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband