INSURANCE LAW
Tijari insurance (which is a business for profit) with all types is haraam, because:
1. Insurance agreements are agreements that contain the replacement property and uncertainties include the danger that very much.
Abu Hurayrah said:
"The [...]
Questioning Insurance In Islam (part 1)
Insurance is a treaty of guarantee from the provider of collateral (ie insurance companies) to provide a number of property or wages regularly or replace other items, to the parties that was given guarantees (ie insurance clients), at the time of the [...]
Why No to Conventional Insurance
In modern business, one of the ways to reduce the risk of loss due to misfortunes is through insurance. The concept of insurance where resources are pooled to help the needy does not necessarily contradict Islamic principles.Three important differences [...]
Prohibitions of Gharar, Maysir and Riba
Gharar: An insurance contract contains gharar because, when a claim is not made, one party (insurance company) may acquire all the profits (premium) gained whereas the other party (participant) may not obtain any profit whatsoever. Ibn Taimiyah, a leading [...]
How does Takaful (Islamic Insurance) Work
All participants (policyholders) agree to guarantee each other and, instead of paying premiums, they make contributions to a mutual fund, or pool. The pool of collected contributions creates the Takaful fund.The amount of contribution that each participant [...]
The Concept of Islamic Insurance
The first Islamic insurance company was set up in Sudan in 1979. Today there are many Islamic insurance operators in Muslim as well as non-Muslim countries. The main concept of Islamic insurance is that it is an alternative to conventional insurance, [...]
Prohibited Factors of Insurance
Several fatawa (the plural of fatwa, meaning an answer to a question related to an issue of shariah) have been issued by eminent Muslim scholars on the subject of insurance. The objections tend to relate to the insurance contract itself or to insurance [...]
What is Takaful? - Islamic Insurance basic knowledge
This concept has been practiced in various forms for over 1400 years. It originates from the Arabic word Kafalah, which means "guaranteeing each other" or "joint guarantee". The concept is in line with the principles of compensation and shared responsibilities [...]
The Mahr in Islamic Marriage Contracts
Mahr is the amount of money, or its equivalent, paid by the husband to his future wife. Contrary to the popular notion that mahr is dowry, it is not. A dowry is what the wife contributes to her marriage while mahr is an obligation on the husband to pay [...]