Issues regarding insurance are very common in an Islamic society. Insurance is regarded as the most vital part in terms of any business environment. Economy of every country is directly attached with the insurance. If an individual goes for an insurance policy then he can have measure of his financial security. For instance, if a person goes for health insurance then he will be very confident in terms of medical care. Similarly, if someone goes for home insurance then he will never have to worry about his homelessness. Muslims are considered very critical in this regard. There are so many Muslims who want to know about insurance in Islam. They want to know that whether insurance in Islam is permissible or not. This topic comes under the heading of most discussed issues in Islamic religion since very long. General Muslims have so many misconceptions regarding this very issue.
We are here because we want to let you know about these misconceptions about insurance in Islam. Islam has some very prominent difficulties in terms of commercial insurance. For this purpose, it is very important to let you know about the basic information about commercial insurance.
Insurance policy is simply a contract where the policy holder uses to pay a specific premium to the respective insurer. This insurance policy has so many types.
- Most common type is life insurance. In this insurance, insurance money is given to the beneficiaries of the person who was insured before death.
- Another common type of insurance is health insurance. In this type of insurance, a specific premium is given to the insurer by the respective policy holder. In this way the policy holder can get rid of all his medical expenses.
- Liability insurance also comes in the list of insurance types. Some other insurance types can also be taken out in the cases of theft, destruction or any other loss.
Common misconceptions regarding insurance in Islam:
According to many Muslims, insurance is forbidden in Islam. They think so because according to them, relying on an insurance policy rather than on Allah is not good. They think that if a Muslim goes for insurance then he has no trust on Allah for his black days. This very argument or you can say statement is not justifiable at all. We are Muslims and we are supposed to consider any kind of disaster or natural cause. We are supposed to take any possible precaution in cases where any loss is expected. We should rely on Allah along with some necessary precautions as well.
- Insurance and Islam
Such a business is prohibited by Islamic law where there is very visible uncertainty. Here you can take example of apples. You should not sell an unfixed amount of apples in cases where the amount is fixed. You must specify the amount of apples. Same is the cases with it’s vice versa. For instance, if the price of a car is not fixed yet then you should not sell it to anyone. If you keep on doing it according to the principles of Islam then there is no prohibition regarding insurance. But if do something wrong (as insurance has some chances of gambling as well) then must have to pay for that in front of Allah.