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.
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)