Assalamu alaikum “wrwb” i got an offer to join Bajaj Allianz life insurance company as a Asst Sales Manager (sales and marketing)at Leh Ladakh branch office last month, i joined the next day without failing to do so, as i’ve seen a growth oppurtunity in my carrer and handfull salary. on the induction phase(informal) we were given basic information on Bajaj allianz life insurance company and its differnt products.Also Trainning that involves: 1. life insurance to the insurer.(in any case) 2. how the premium (amount)is utilised in investing in india’s top 100 listed (Goi)companies. 3. an option where our money is invested in pure ways(muslim community)e.g pharma, automobile, agricultural, constructions…etc 4.And not investing in Gambling, cinema,liquor..etc.(controlled by Fund manager) 5.Growth on premium e.g 20%,30% 35% etc by investing in different 100 companies. 6. Double the amount (5yrs) according to the growth in the market by investing your money. plz, elaborate the above points according to islamic law. but, now i have stopped to go office as i realised that insurance in not permitted in islam and earning from the insurance company also not accepted according to islamic law, am i right? also, i am not geting Allah’s blessing in this carrer.
Answer:
(Fatwa: 1583/1258=H/1430)
The abovementioned investment schemes and life insurance is unlawful; they consist of interest which is haram. If there are some more ways left, write them down and submit the question again.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband