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?
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