Investments of insurance companies : investments of insurance companies and market linked life insurance

السؤال

[Question One] : Asslam I got your email ID from your website, Sir I am from India working in a life insurance company as a Training Manager. I came cross your website thru google search. I have few queries on insurance investment in Islam as per little understanding of what i have on Islam"" Islam Prohibites Ribba i.e Interest "" Generally the funds of insurance company which is pooled by policy holder by way of premium are invested in Debt Instrument which attracts interest i.e Ribba (Prohibited in Islam ) a) what is Islamic view point on the investment done by insurnace company is it compatable with Islam ? b) is market linked insurance allowed from Islamic point of view ? I hope to get a speed reply from you. Thanking you Allah Hafiz [Question Two] : Sir, in your mail (below) you have said that insurance is permissible provided the object of insurance is permissible can u throw light on this specific sentence (what is the subject matter of insurance in Islam) Secondly investment in non conventional plans are also in equities ,if it is equities can insurance be halal form Islamic perspective , where in there is no question of Ribba or interest. Thirdly do we have a concept of social security such as insurance (In Islam) If yes do we have any comm entry on that in the Holy Quran. [Question Three] : I have some more queries, hope don?t mind answering those as well, I totally agree with you on whole life plan, endowment etc. where in there is element of Ribba involved But still a slight clarification required pertaining to market linked insurance were in investment are done in equities since in such instrument a small part of the investment goes in to financial sector such as banks and housing finance, around 3 to 4 % is it permissible according to you? We in India don?t have any Takaful instruments And you said in your mail that term plan according to you is permissible but to my knowledge the premium collected is also invested in debt instrument, the lump sum amount is paid on death and not on maturity (end of the term) the lump sum amount may be contain some part of interest ? What do you have to say on that ? thanking you warms regards [Question Four] : You have cleared most of my doubts but in the previous mail you said something on the "Purification Principle" Could you plz elaborate on this ?

جواب الفتوى

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تاريخ النشر

2006-10-19

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
الدراسات الإسلامية

عدد الصفحات

5

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-787789

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• AMA