Life Insurance and Islam?

[Sister Nomee]

Assalamu 'Alaykum wa Rahmatullahi wa Barakatuhu

ASALATU WASALAMU ALAYKA YA RASULLALLAH Salla Allahu ta'ala 'alayhi wa Sallam

Respected Imam sahib hope you are in the best of health.

We would like some clarification whether Life Insurance is permissable in Islam. Could you provide references from the Quran and Hadith.

JazakAllah

Wa'alaykum 'Assalam wa Rahmatullahi wa Barakatuhu

[Imam]

Bismillahir Rahmanir Raheem

Wa'alaykum 'Assalam wa Rahmatullahi wa Barakatuhu


All Praise be to Allah who is the Lord of the Worlds, and may Endless Blessings be showered upon His Most Beloved, and Final Messenger of Islam, Hadrat Muhammad Mustafa Salla Allahu ta'ala 'alayhi wa 'aalihi wa Sallam


Jazak'allah for your question. Life Insurance is not an important issue in Islam today, as many other things are, although some scholars have stated it is forbidden [haram]. Since life is only granted to you by Allah the Almighty, it is only He who grants you the True insurance. Every other insurer is worldly, and will come to an end, although you yourself will not see the money when you die, it will be someone else. It would be better to spend the money on a better cause, like feeding the poor, or building a madrassah or even helping your parents.


May Allah the Almighty help us to understand our priorities when it comes to spending money.


Wallahu A'lamu Biththawaab


M. Waseem Ashrafi