Title: When it is haram to accept interst and to invest the money in Insurance, how is that the musalman can save his money(money retained by him after actual expenses in the month or year) ? What is the concept of savings(bachat) in the Islam?

Question: When it is haram to accept interst and to invest the money in Insurance, how is that the musalman can save his money(money retained by him after actual expenses in the month or year) ? What is the concept of savings(bachat) in the Islam?

Answer ID: 8880Posted on: Aug 30, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 2307/1792=H/1429)

Interest and gambling is forbidden by the Quran and Hadith. An optional insurance which contains interest and gambling is haram in every case.

(2) He can invest it in business. If he is not able to do so, he can give it to anyone on muzarabah (work from a partner and money from other on percentage of profits). Or he can give it as interest-free loan to trustworthy poor people.