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takaful in islam

 Takaful  in Islam which is quite permissible in Islam. In Takaful, two or more than two members contribute and get protected by some incident. In case the incident happens to a member, then others will compensate the member by contribution. Getting compensated, the membership is not canceled and the member will continue contribution for someone else. So it is a co-operative society.

The thing that makes insurance

controversial is the scheme itself. Before stepping forward, let me explain gambling which is a prohibited act in Islam. As an example, suppose a society hold a match. Different teams participate and contribute some amount e.g. entry fee. No one will win and be awarded. If the whole money is paid to the winner, it is gambling which is quite prohibited. However, if a third party pays the winner as a prize, it is quite admissible.

Now back to question. Insurance scheme

will have some members which will contribute. If the scheme is in such a way that one member is benefited by the contribution of other members i.e. other members have deprived off their contribution, it is a form of gambling and so not permitted.

However, the member is benefited from a third party e.g. government or the profits generated by investing contribution in profit earning halal schemes, then the insurance is quite permissible.

Insurance is called ‘Takaful’ in Islam which is quite permissible in Islam. In Takaful, two or more than two members contribute and get protected by some incident. In case the incident happens to a member, then others will compensate the member by contribution. Getting compensated, the membership is not canceled and the member will continue contribution for someone else. So it is a co-operative society. Please study ‘Takaful’.

The thing that makes insurance controversial

is the scheme itself. Before stepping forward, let me explain gambling which is a prohibited act in Islam. As an example, suppose a society hold a match. Different teams participate and contribute some amount e.g. entry fee. No one will win and be awarded. If the whole money is paid to the winner, it is gambling which is quite prohibited. However, if a third party pays the winner as a prize, it is quite admissible.

Now back to question. The insurance scheme will have some members who will contribute. If the scheme is in such a way that one member is benefited by the contribution of other members i.e. other members have deprived off their contribution, it is a form of gambling and so not permitted.

However, the member is benefited from a third party e.g. government or the profits generated by investing contribution in profit earning halal schemes, then the insurance is quite permissible.

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