Can Muslims buy insurance?

stoofa

stoofa

stoofa

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OK - been thinking about this one.
Muslims are not allowed to gamble.
However insurance is nothing more than an elaborate "gamble" on if your house will fall down, if you will crash your car, if you will fall under a bus etc.

What are the rules on this?
 
It's illegal to drive without insurance, ergo if any Muslims drive then Muslims do buy insurance, unless they are all breaking the law.
 
I know a Muslim that smokes

For someone who is meant to treat thier body like a temple he is blowing the religion right out of the water.
 
I'm not saying that all Muslim's are "strict".
However there are those that do stick to their religion and I'm just wondering where they stand with regards insurance.

With regards the "legality" for car insurance.
That isn't strictly true as you can pay into a "fund" which is untouched and underwritten and is used to pay out in the case of claims against you.
I'm assuming a company could create something like that and invite Muslim drivers to join - so strictly speaking not buying insurance.
 
What about not being covered by 'Acts of God'?

No mention of Allah there, means hey can claim on floods and stuff :D
 
Moses99p said:
Well gambling's all about risking what one has in the pursuit of more, and more, and more, and more... that can be criticised because greed leads to bad things, and the **** ups can be pretty bad. It can be pretty cavalier, one can see why a religion might view it as "wrong".

Insurance, on the other hand, isn't the pursuit of more, and more, and more, and more... it's protecting what one already has, it's sensible.

Insurance isn't just "an elaborate gamble", there are obvious differences between insuring one's possessions and gambling one's money!
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Oh I agree it isn't just a gamble.
However in it's most basic form, take house insurance for example.
It's basically a gamble.
You pay £100 and either your house falls down - you win, or your house doesn't fall down and you lose £100.

I appreciate it's more than just gambling, but it is still a gamble to a degree and it's usually things in their most basic form that religion covers.

Not sayign you're wrong - just playing devil's advocate and attempting to stimulate good answers :)
 
stoofa said:
Oh I agree it isn't just a gamble.
However in it's most basic form, take house insurance for example.
It's basically a gamble.
You pay £100 and either your house falls down - you win, or your house doesn't fall down and you lose £100.

I appreciate it's more than just gambling, but it is still a gamble to a degree and it's usually things in their most basic form that religion covers.

Not sayign you're wrong - just playing devil's advocate and attempting to stimulate good answers :)
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When you win in gambling you gain.

When you arrange insurance you are simply arranging risk transfer. If you receive an insurance payout that is simply re-instating you to the same financial postion as you were in before the loss. An insurance settlement is not a "win" or a "gain", it is re-instatement.
 
merlin said:
When you win in gambling you gain.

When you arrange insurance you are simply arranging risk transfer. If you receive an insurance payout that is simply re-instating you to the same financial postion as you were in before the loss. An insurance settlement is not a "win" or a "gain", it is re-instatement.
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This

/end of thread:)

Greenlizard0 said:
Aren't there special services that banks and insurance companies offer that cater to Muslims (and Jews) I think.
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Yes they are called sharia bank accounts/loans.
 
I seem to remember reading a while back that traditionally muslims do not have insurance for this very reason.

With regards to car insurance then I would imagine that Third Party cover would be acceptable under their beliefs since under no circumstances would they personally gain any financial benefit.
 
There are special "Islam safe" insurance policies just like there is Islamic bank accounts.

Now both these are supposed to be operated under Islamic rules however all they need to qualify for this is for an Iman to say it is Kosher. If one won't you can pay another one to do so!

Oh and also the money the bank has put aside for the Islamic accounts is supposed to be kept separate (not used in to "gamble" to make more money). Do you really think that the likes of HSBC has a separate pot that they don't use in this way? Not a chance. All their monies are just figures on a spreadsheet. It's all electronic and all used to make the bank more money.
 
Bill Door said:
I seem to remember reading a while back that traditionally muslims do not have insurance for this very reason.

With regards to car insurance then I would imagine that Third Party cover would be acceptable under their beliefs since under no circumstances would they personally gain any financial benefit.
Click to expand...

Read thread, post later.
 
Who told the special needs brigade about this thread?

As a Muslim if it is compulsory to buy insurance then they have to. For example under Islamic law in an Islamic country there are specific taxes and Zakat (charity) is compulsory. However being in a country of different laws by living here you are agreeing and should follow the rules/law.

Gambling is placing money into any form of game where you risk that money to increase or lose your bet.

Insurance isn't really a gamble, Car insurance is a legal requirement for example so a Muslim should have it. House insurance isn't but if the option is there it is not against Islam to take such insurance unless it is with the intent of fraud/criminal activity.

Also, there are different schools of thought so ultimately common sense and what is right should let you know the best one.
 
merlin said:
When you win in gambling you gain.

When you arrange insurance you are simply arranging risk transfer. If you receive an insurance payout that is simply re-instating you to the same financial postion as you were in before the loss. An insurance settlement is not a "win" or a "gain", it is re-instatement.
Click to expand...

Eureka!
 
krooton said:
Or a business venture?

You start up a company, with the hopes to make money, with the risk of losing it all.
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Ermmm engage your brain before posting.

Starting up a business or company isnt against islam as long its not illegal or against islams basic fundamentals ie isnt engaging in any illegal activity ie drugs or money laundering/fraud.
 
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