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What is the Islamic ruling regarding the insurance on cars, furniture, properties and also life insurance?

April 26, 2017cars furniture Insurance Islamic Life Insurance properties ruling

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What is the Islamic ruling regarding the insurance on cars, furniture, properties and also life insurance?

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A5. Life Insurance is Islamically prohibited because it is considred to be a kind of organized gambling backed by agreements and contracts between insurance companies and the insureds. However, commercial insurance against damage and responsibilities that is necessitated by private or public considerations or required by law, such as car insurance, is permissible in this country because there exists no Islamic insurance companies.