Transactions & Dealings >> Interest & Insurance

Question ID: 6874Country: India

Title: I WANT TO KNOW THAT IT IS LEGAL TO DO LIFE INSURANCE & TO BECOME LIFE INSURANCE AGENT IN THE EYES OF SHARIYAT.

Question: ASSALAMUALIKUM I WANT TO KNOW THAT IT IS LEGAL TO DO LIFE INSURANCE & TO BECOME LIFE INSURANCE AGENT IN THE EYES OF SHARIYAT.

Answer ID: 6874Posted on: Aug 31, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 710/710=M/1429)

Life insurance consists of interest and gambling which have been declared haram by the Quran. Therefore, it is unlawful to be agent of life insurance.

Allah (Subhana Wa Ta'ala) knows Best

Darul Ifta,

Darul Uloom Deoband, India

Related Questions

Q. What is Islamic point of view about service in Commercial Banks? 1073 views
Q. Bank interest and other in lawful income of sources 1382 views
Q. Pay Interest Money for Income Tax 4078 views
Q. Presently i am repaying a personal loan of Rs 5 lac. Total amount including interest is 6.5 lacs.Current outstanding Loan amount is 1.5 lacs and as per the loan statement from bank it consists of 25k interest & 1.25L principal.It means I have already paid 1.25L interest till date. I just received a refund from my Employee PF account of Rs 3.25 lacs out of which 1.25 lacs is interest earned. Could i use this interest amount(1.25L) earned to prepay entire 1.5L and close my loan? 1455 views
Q. USE OF BANK INTEREST 1867 views
Q. Purchasing already financed car from others 1751 views
Q. I would like to know that one of friend's sister is working in Life Insurance Company as a Sales Manager. Would like to know whether this job is Halal or Haram for her ? Appreciate the swift response. 1478 views
Q. Regard to fatwa ID 6948. is it allowed to buy a house in the same manner ? Prophet SAW cursed the accepter of interest and its giver,and the two witnesses and the one who records it,and he said they are all equal. doesen't this contradict what you have said ? INTEREST isit haram by its nature or depends on how you use it ? please throw some light on this. jazakallah. 1141 views
Q.
I am living here in Godhra and practicing since from last 13 yrs. I was also working in homoeopathic medical college since from last 12 yrs. Now recently appointed as professor in govt.college around 60 k.m. from Godhra now the big question is that i am getting salary around 20000/ twenty thousand rupees p.m.and medical practise is also officialy allowed so per month gaining will be around 40000/ so i have to pay around 45000/ rs. per annum in income tax which will be the best solution for me to save this amount. There are so many ways among them one is house loans (most of my coligue has taken which are non muslims) second is investing money in differnt funds where not a single way is intrestless kindly guide me for the same as such i am badly in need of home near vadodra which is around 30 k.m. from my working place. May god gives you instead of your service. Kindly reply soon.
1827 views
Q. Bank Job 3366 views
Q. To invest in the saving scheme of post office is lawful or not, (e.g. fixed deposit or monthly income etc.) the money invested in this scheme directly reaches to government of India. Government of India does not borrow nor finance to any person or any banking institution, GOI uses this money in national affairs to run various scheme, and interest paid on this saving/investment is given from it?s revenue income not from interest. In this situation, a Muslim can invest in above scheme or not and interest given in this scheme is interest or profit. Please sir? 5443 views
Q. Theres a firm which do halal business (construction and many others) as i have invested money in that firm and monthly they pay fix amount to me depending on how much investment made. 1130 views
Q. I am businessman, my business consist of rental incomes,exports,imports and local trading.And as per the indian state and central law various taxation if I go to pay the taxes then it will be very difficult to maintain my livelyhood,and as business is concerned I have fine tune with financial institution.If I am taking the loan than I get the benefits in taxation with the propotion of intrest and depriciation ratio.So can I proceed with loan,If yes, can I use the money of loan transfered in my account for my business purpose. 2. If I am taking loan with the best intrest rate and utilise the funds in earning and can make the profits in multiple after paying the installment the balance earned ammount and 30% of that If I distribute in the needy people can it be possible.Which category of people are suitable for this ammount. 3. Can I take my share in the profit earned as my skills and securities utilised for earning and at what extent can I take 70%. 4. What to do with the capital amount of loan sanctioned by bank after the loan is completed who can claim the needy people or me. 1175 views
Q. Pls inform that if I make a insurance through LIC. and I want to back only my deposited money. Rest I will give to poor/needy person without any intension of reward. But if there any scheme that after my death my nominies (after my death they will be offcourse orphan and needy) will get some money (this will not be my deposited money, this will be only under a scheme after my death). Pls inform if that money will be halal for them or not. Pls also inform one more thing that can I give the name "Musa" to my child. Is this ok ? Pls reply as soon as possible. 1166 views
Q. Life insurance and child education policy 2651 views

Total Questions: 9181

Faiths & Beliefs

Miscellaneous

Prayers & Duties

Social Matters

Transactions & Dealings

Title: I WANT TO KNOW THAT IT IS LEGAL TO DO LIFE INSURANCE & TO BECOME LIFE INSURANCE AGENT IN THE EYES OF SHARIYAT.

Question: ASSALAMUALIKUM I WANT TO KNOW THAT IT IS LEGAL TO DO LIFE INSURANCE & TO BECOME LIFE INSURANCE AGENT IN THE EYES OF SHARIYAT.

Related Questions