Mozaik Islam

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Commercial Insurance

What is the evidence for commercial insurance being haraam?.

Praise be to Allah.
Commercial insurance which is offered by most insurance companies is a kind of haraam contract, whether it is insurance covering one’s life or possessions or anything else. The fact that it is haraam is indicated by a number of texts and shar’i principles, such as:

Insurance is a transaction that involves ambiguity, and transactions that involve ambiguity are forbidden according to sharee’ah.

Muslim (1513) narrated from Abu Hurayrah (may Allah be pleased with him) that the Prophet (peace and blessings of Allah be upon him) forbade gharar (ambiguous) transactions. Readmore