Insurance in general : permissibility of insurance

Fatawa Question

Assalamu Alaikum I hope all is fine with you and your family. I would like to ask you about retirement insurance ? You know it's not only that you give the company monthly payments to keep it for your until you get old, it's more to do with interest rate ! is it ok to have something like this ? or is there any other Islamic way ? This insurance is not obligatory by law like medical or car insurance. But it is highly recommended because the government has announced that in 20 years there will be no money for retired ppl and that they have to go for private insurance companies. Before she converted to Islam, my wife has sign such a contract with a private company and she is paying them every month till now. It's also the question what should we do with this ? Keep it ? Cancel it ? And about the paid money ? Jazakum Allahu Khairan

Fatwa

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Publication Date

2007-07-05

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-784962

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