Working in insurance and actuary and insurance agents

Fatawa Question

Assalam O Alaikum I hope InshAllah you are doing well. I wanted to ask you a few questions regarding working in insurance companies. I live in Canada and attend the University of Waterloo. A number of Muslims want to be actuaries. However, I am not sure if they should pursue this profession. I have read the opinions regarding indulging in insurance and what I do not understand is how it can be Halaal ? In other words, can you explain to me how insurance can be Halaal ? I was wondering if you are able to explain how insurance can be Halaal if it does not have any Riba-based term (s) in the contract when the concept of insurance surely sounds like Riba to me. Walaikum Salam and JazakAllah Khayran

Fatwa

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Publication Date

2007-10-02

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-784999

American Psychological Association (APA)

Qahf, Mundhir. 2007-10-02. Working in insurance and actuary and insurance agents. .
https://search.emarefa.net/detail/BIM-784999

Modern Language Association (MLA)

Qahf, Mundhir. Working in insurance and actuary and insurance agents. 2007-10-02.
https://search.emarefa.net/detail/BIM-784999

American Medical Association (AMA)

Qahf, Mundhir. 2007-10-02. Working in insurance and actuary and insurance agents.
https://search.emarefa.net/detail/BIM-784999