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LIFE INSURANCE

Answered according to Hanafi Fiqh by DarulUloomTT.net

QUESTION:

Assalaamu Alaikum,

I am a convert about 1 year now. I would like to find out, if it is wrong to open a saving/ life insurance with Sagicor. For example an agent was telling me for example if I invest $100,000.00 with them, by the next 25 years I could possibly have $300,000.00. Is this haram?

 

ANSWER:

Wa Alaikum As Salaam,

Opening a life insurance policy with Sagicor or any other insurance company is not permissible since life insurance itself is not permissible in Islam.

And Allah Knows best

Mufti Waseem Khan

18/10/2018

This answer was collected from DarulUloomTT.net, which is operated under the supervision of Mufti Waseem Khan from Darul Uloom Trinidad and Tobago.

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