Transactions & Dealings >> Interest & Insurance

Question ID: 44519Country: India

Title: Insurance

Question: I am a Govt. employee of J&K state. The Govt. annually collects taxes through our salary and for saving the taxes I have opted for life insurance investment. Now the question is that is this allowed in Shariah if not tell the right solution, further where we can spend the bonus of the policies given by company at maturity time.

Answer ID: 44519Posted on: Aug 31, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 523/416/B=1434) (1) One can get life insurance in order to save one’s hard earned income from tax, but it shall be necessary to give the amount received more than capital amount in charity. (2) What types of bonus it is, explain it.

Allah (Subhana Wa Ta'ala) knows Best

Darul Ifta,

Darul Uloom Deoband, India

Related Questions

Q. Is insurance of car and house haraam? 2034 views
Q. Stamp duty with interest money 1728 views
Q. Interest 1254 views
Q.
Since the income tax system in india has give relaxation for income invested in mutual fund or others, could you please help me with the investor where i can invest my money to save Income tax.
1746 views
Q. help by Interest amount to relative 2179 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? 1464 views
Q. Assalamualikum, Is it permissable to use intrest money to build Toilet in the Madrasah? 1462 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. 1487 views
Q. Home Loan 3901 views
Q. EDUCATIONAL LOAN WITH ZERO INTEREST 2671 views
Q. I need clarification on medi claim policy which has prevailed in many companies which offers their employees to contribute a fixed amount every month. One part of the amount is contributed by the employer also. The benefit of the policy is the employee can claim the amount which has been expended during his/her medical treatment on condition if the treatment is under gone the listed hospitals by the medi claim service provider. 1521 views
Q. Is it lawful to finance a car from the bank 5580 views
Q. Usage of Interest Amount on in laws and close friends 1286 views
Q. we have masjid a/c in one bank and baitul mal a/c is another bank. in masjid a/c we have shops deposit amoutn and masjid income like (monthly subscriptions and shops rents) every 6 months we get interest. so we transfer the interest amoutn to baitul mal a/c. my question is can we transfer interest amoutn to baitul mal a/c or can we construct toilets in majsid premiss or can we paid interest amount to municipal property tax for shops. or can we use this interest amount for legal matters. my another question is Baitul mal is a halal amoutn like (Zakat and Fitr) can we mix the interest amoutn in that. because if we move the interest amoutn in to baitul mal a/c again after 6 month we get interest on (baitul mal a/c ). is it permissible ? if not can we create a fresh a/c in that only interest amout we deposit and we use needy people according to the situation. one more questions is Where do we use this interest amoutn can u please mail briefly so that we can follow inshallah. 1551 views
Q. I WANT TO KNOW THAT IT IS LEGAL TO DO LIFE INSURANCE & TO BECOME LIFE INSURANCE AGENT IN THE EYES OF SHARIYAT. 4204 views

Total Questions: 9181

Faiths & Beliefs

Miscellaneous

Prayers & Duties

Social Matters

Transactions & Dealings

Title: Insurance

Related Questions