Is Life Insurance Forbidden In Islam?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Many scholars find insurance unfair.  Since there isn't a guaranteed return it has the appearance of gambling.  When living in a non-Islamic country, abiding by local law is permissable.  In Muslim-majority countries there are alternative companies formed called takaful that provide similar coverages on a shared-risk model.
    Answered on February 7, 2014
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