IslamQA

Investing in an insurance company

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I will like to know if it is permissible to invest money in an insurance company and the money I invested will be paid back to me double the amount that I invested with them. For example, I invested 4 million and get back 8 million in 7 years.

Bismillaah

A: Insurance is haraam as the elements of gambling and interest are found in it. Hence, it is not permissible to invest in an insurance company.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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