Is insurance haram?

IslamIsTheFuture

알라후 아크바르-Allah Akbar
:salam2:
I have a question about selling life insurance if its haram? I am a member of WFG and to earn money frm there you have to sell life insurance to the families. Alhamdulillah i havent sell insurance yet. I dnt wanna ern haram money

:wasalam:

:jazaak: for ur answer :)
 

Salem9022

Junior Member
I had a friend who used to do that, and Yes it is Haram to sell Life Insurance.

Problem 1.

Life Insurance you are putting a price tag on a Human Being which is Not Allowed. You will be Surprised how many children are wishing for their Parents to die so they can accumalate all the death money from the Insurance company in the west. And we Muslims as we all know should always wish for our lives to be prolonged for the Sake of Allah.

Problem 2.

With Whole(Cash Value) life Insurance, the Cash which the Insured Pays every month or Year accumilates with Interest, which is forbidden in Islam. Interest is forbidden in Islam as we all Know.

The Noble Qur'an - Al-Baqarah 275-281

275. Those who eat Ribâ (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitân (Satan) leading him to insanity. That is because they say: "Trading is only like Ribâ (usury)," whereas Allâh has permitted trading and forbidden Ribâ (usury). So whosoever receives an admonition from his Lord and stops eating Ribâ (usury) shall not be punished for the past; his case is for Allâh (to judge); but whoever returns [to Ribâ (usury)], such are the dwellers of the Fire - they will abide therein.

276. Allâh will destroy Ribâ (usury) and will give increase for Sadaqât (deeds of charity, alms, etc.) And Allâh likes not the disbelievers, sinners.

277. Truly those who believe, and do deeds of righteousness, and perform As-Salât (Iqâmat-as-Salât), and give Zakât, they will have their reward with their Lord. On them shall be no fear, nor shall they grieve.

278. O you who believe! Be afraid of Allâh and give up what remains (due to you) from Ribâ (usury) (from now onward), if you are (really) believers.

279. And if you do not do it, then take a notice of war from Allâh and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums).

280. And if the debtor is in a hard time (has no money), then grant him time till it is easy for him to repay, but if you remit it by way of charity, that is better for you if you did but know.

281. And be afraid of the Day when you shall be brought back to Allâh. Then every person shall be paid what he earned, and they shall not be dealt with unjustly.


The Noble Qur'an - Al-Imran 3:130

O you who believe! Eat not Ribâ (usury) doubled and multiplied, but fear Allâh that you may be successful.


Problem 3.

Term Insurance. In term insurance the transaction is only a one way street. Its protection for only a certain amount of years and "If" you die in those year then the money will be given "if" not then the money is not given. So All the money which you gave to insurance company is theres and you get noting. The "If" is a big problem because this is not an acceptable Business transaction.

And Of course from the Quran there should always be "transactions done based on mutual agreement between you"

And from the Sunnah: "When you sell (something), weigh it; And if you buy (something), have it weighed."

http://www.bakkah.net/articles/fiqh-business-transactions.htm

---------------------------------------------------------------------------------------

Im not sure which company you work for but many Companies also offer different products all in the most part are similar.
 

PARVEZ SHAHIDI

Junior Member
:salam2:
Alhamdu-Lillah. Useful information.
Our company provides life insurance free of cost (we do not pay anything for it) and do not apply for it, it is a part of the employment. What is the ruling in this case, can any body help.
:jazaak:
 

sazk

Banned
i'm guessing in that case, the interest gets deducted from your salary before you receive it.
 

Robab

daughter of Adam
may be

i think life insurrance haram.then u can check any islamic web site where u can ask ur question and i believe they will help u properly.still u do not take step because u do job there.i want to ask many (ulma-e karam)ok.best of luck.:salah: check here
www.islamicchannel.tv
 

IslamIsTheFuture

알라후 아크바르-Allah Akbar
Salam Alekum
thanx for ur answers :)
InshAllah i am not going to work for that business anymore.. Alhamdulillah..
Before i joined WFG I saw muslims working in that business.. I dnt even know if they think its Haram or Halal being in that business.. Its sad.. May Allah guide us all.. Ameen!!! :)
 

Salem9022

Junior Member
Salam Alekum
thanx for ur answers :)
InshAllah i am not going to work for that business anymore.. Alhamdulillah..
Before i joined WFG I saw muslims working in that business.. I dnt even know if they think its Haram or Halal being in that business.. Its sad.. May Allah guide us all.. Ameen!!! :)

My Advice for is, you should work smart. Right now no one is going to give you Money for "Life Insurance" even though it is haram. Because people are very tight with their budget because of the economy. And most likely you work off Comission. So even if you were to be in that business you would feel the Pain because you won't be getting paid every week as per salary wise since Most Life Insurance Agents are on Comission only.

Look for a Job which will pay you regular salary something which is suitable in Islam. Im not sure if you live with your parents or not, But if you do then that is a added asset, Work and collect funds for atleast 5 Years, when the economy gets better in 5-6 Years time then open up your own business. No Need to go into something which is Haram, All you need is a little Patience insha'Allah. :)
 

sazk

Banned
:salam2:
No, no deduction from my pay cheque. It is totally free. Company pays the premium, we do not know how much.
:wasalam:


you mean to tell me that you work for a company that pays for your insurance totally out of its own pocket for free? and they are doing this happily in today's global crisis? i guess the more important question for you brother is that how can you commit insurance fraud with this "company" of yours and get millions of cash for free.
 

safetech

Member
:salam2:
I have a question about selling life insurance if its haram? I am a member of WFG and to earn money frm there you have to sell life insurance to the families. Alhamdulillah i havent sell insurance yet. I dnt wanna ern haram money

:wasalam:

:jazaak: for ur answer :)

I was recruited by a friend into WFG and was worried about how they talked about finance but sold insurance.
after contacting and speaking to multiple well known professionals in islamic finance I found that their practice was in fact haram. I took the advice of my parents to leave and they informed me that if I was to leave a haram practice that could make me alot of money that Allah will reward me. after 4 months of leaving WFG i have stumbled upon an invention that has presales of 100 thousand units. so my advice to you brother is leave it and Allah will reward you.
I will be revieling what my invention is as soon as the patents are completed.
 
Top