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What are the differences between share markets and insurance, and why are they considered legal or illegal?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
Assla Alaikum. I want to know that share market & inssurance are legal or ilrgal but why.give me complete answer.thanking you. allah hafiz

Answer

(Fatwa: 669/669=M/1429)

It is a business to invest money in share market which is lawful with some conditions, while insurance is an interest based transaction, therefore unlawful. A business is lawful and interest is unlawful, as the Holy Quran said: أحل الله البيع وحرم الربوا (Allah has permitted sale, and prohibited riba/usury).

Allah (Subhana Wa Ta’ala) 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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