Is insurance haram or halal? For and Against

Islamic Finance Fatwa
#1

This thread is in relation to IFG’s (minority) position that insurance is (generally) permissible. We set out our views first and then Mufti Faraz provides his response and wider views on insurance.

View One: IFG

Our views are summarised in the following two articles and video:

  1. Is Insurance Haram or Halal?

  2. Is Life Insurance Haram or Halal?

  3. Video on why we consider insurance generally should be seen as permissible:
    https://youtu.be/LGyxP1HUEgg

We are not muftis, though we have studied Islamic law. These views are based on our commercial experience and considered research, including reliance on Sh. Mustafa Al-Zarqa’s book “Nizam Al-Tameen” (The System of Insurance).

View Two: Mufti Faraz Adam

To follow.