Insurance from Religious Point of view-Insurance in islam
What do Muslims believe about insurance?
Under common interpretations of Islamic law, conventional insurance is forbidden in Islam.
Scholars such as Sheikh Muhammed Al-Munajjid criticise the system of conventional insurance as exploitative and unjust. They point out that paying money for something, with no guarantee of benefit, involves high ambiguity and risk. One pays into the program, but may or may not need to receive compensation from the program, which could be considered a form of gambling. The insured always seems to lose while the insurance companies get richer and charge higher premiums.
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