Interest-based life insurance : [1]

Fatawa Question

Numerous western insurance companies offer attractive pension schemes whereby the client pays a certain amount of money annually, only to have the double of what he has invested returned to him in 25 years. I have inquired about the ways in which such firms multiply clients' resources, and have been told that they deal in safe investments such as real estate, infrastructure, etc. They also give loans to governments, but not to individuals. Would participating in such a pension scheme be Halal, and if not, what are the Islamic alternatives for securing one's retirement ? Thank you.

Fatwa

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Publication Date

2003-01-19

Main Subjects

Economics & Business Administration
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Islamic economics
• Insurance
• Life insurance
• Insurance companies
• Usury
• Insurance policies

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-724509

• APA
• MLA
• AMA