actuarial sciences

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actuarial sciences

Actuary2B
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#99

11-04-2005, 03:51 PM

Dear Sam, I think I have answered most of your allegations towards the "legitimacy of Insurance in Islam" several months back in one of my posts on this forum. From what I've researched so far, there is a disagreement b/w Scholars about the legitimacy of Insurance in Islam.
There are mainly 2 different views of Scholars

1) One saying Insurance is Haram altogher and put forwards the points you mentioned in support of the argument.

2) Others saying "Insurance itself is NOT haram", its the element of "interest" that makes it Haram. If we can arrange for a sort of Insurance compensation that is "free from Interest" (TAKKAFUL), that would make it purely legitimate. These Scholars offer answers to the concerns you mentioned in your posts. I also identified those answers in my post few months back that I have already mentioned above. I'll try to post a link to that page in few days to give you the other side of picture....Till then take cares & have nice Eid Holidays!

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