Thursday, July 28, 2016
Friday, July 22, 2016
Ethical insurers invest money in a responsible way in industries that are ethically sound and do not harm the environment or people. Islamic insurance is similar, except that the ethical considerations are extended to those which do not contravene the religion of Islam and are monitored by a shariah board, which is part of the company structure. In particular, the investment and underwriting policies need to be free of any involvement with the prohibited activities of gambling, alcohol, pork, armaments, tobacco, and interest-bearing activities, loans, and securities.
Shariah-Compliant Policies and Strategies
The first Islamic insurance company was set up in Sudan in 1979. Today there are many Islamic insurance operators in Muslim as well as non-Muslim countries. The main concept of Islamic insurance is that it is an alternative to conventional insurance, with characteristics and features that comply with shariah requirements. This is done by eliminating the objections against conventional insurance. “The term takaful is an infinitive noun which is derived from the Arabic root verb kafal’ or kafala, meaning to guarantee or bear responsibility for.” (Kassar, 2008, p. 26).
The main features of Islamic insurance are:
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cooperative risk sharing by using charitable donations to eliminate gharar and riba;
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clear financial segregation between the participant (insured) and the operator (insurance company);
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shariah-compliant underwriting policies and investment strategies.
Cooperative Risk Sharing
A - It is not permissible for the Muslim to insure himself against sickness, whether that is in a Muslim country or in a kaafir country, because that involves ambiguity and a kind of gambling.
B - It is not permissible for a Muslim to insure his life or all or some of his physical faculties, or to insure his wealth, possessions, cars and the like, whether that is in a Muslim country or in a kaafir country, because these are kinds of commercial insurance, which is haraam because it involves ambiguity and a kind of gambling.
Shaykh Ibn Uthaymeen (may Allaah have mercy on him) said: Insurance means that a person pays a certain amount to the company each month or each year against an accident that may happen to the thing insured. - See more at: http://www.quranrecites.com/insurance_policies_in_islam.php#sthash.MspHtE5V.dpuf
And it was narrated in a saheeh report that the Prophet (peace and blessings of Allaah be upon him) forbade deceit. And Allaah is the source of strength.
Abdullah b. Dinar narrated that he heard Ibn Umar (Allah be pleased with them) saying : A man mentioned to the Messenger of Allah (may peace be upon him) that he was deceived in a business transaction, whereupon Allah's Messenger (may peace be upon him) said : When you enter into a transaction, say : There should be no attempt to deceive.
Book 10, Number 3663: (Kitab-Al-Buyu- Book of Transactions)
If what is meant by submitting your papers to the insurance company is that you have health insurance, or intend to take out health insurance, you should note that this insurance is haraam, as is so-called life insurance, because the insurance policy in both cases involves ambiguity and a kind of gambling. This has been stated by the scholars in their fatwas.
- See more at: http://www.quranrecites.com/insurance_policies_in_islam.php#sthash.MspHtE5V.dpuf
ARE INSURANCE POLICIES PERMITTED IN ISLAM
As-Salaam Alaikum Wa-Rahmatullahi Wa-BarakatuhuInsurance of one's life or possessions is haraam and is not permitted, because it involves gharar (buying/selling something where it is not known whether what is being bought/sold will actually be achieved/delivered, or in what specific quantity, thus putting one's money at undue risk to being lost) and riba (usury, interest). Allaah has forbidden all transactions that are based on riba, and all transactions which involve deceit, as a mercy to this ummah, and to protect them from that which may harm them. Allaah says (interpretation of the meaning): - See more at: http://www.quranrecites.com/insurance_policies_in_islam.php#sthash.MspHtE5V.dpuf
2. If a person does not die within 20 years, the money is well with him as an account with an annual profit on the shares has been paid to the insurance company.
3. In some cases, in addition to the above, if a person is sick, their medical expenses covered by the insurance for 20 years.
Now, my question relates specifically to the first 2 points. If a person dies, the family receives a lump sum of insurance money (for example, insurance). Nonetheless, life insurance, if a person dies, he is still real value in their payments, in addition to the total amount of payments to the insurance company.
Now it is a win-win situation, and that the income falls within my definition of interest, ie income (without the risk of loss), does not mean every effort and work.
What are the other participants in this forum. Insurance friend or evil, especially in the context of Islam?
1. If a person dies within 20 years, his family (beneficiaries) receive a large sum of money, as agreed at the time of the conclusion of insurance contract.
2. If a person does not die within 20 years, the money is well with him as an account with an annual profit on the shares has been paid to the insurance company.
3. In some cases, in addition to the above, if a person is sick, their medical expenses covered by the insurance for 20 years.
Now, my question relates specifically to the first 2 points. If a person dies, the family receives a lump sum of insurance money (for example, insurance). Nonetheless, life insurance, if a person dies, he is still real value in their payments, in addition to the total amount of payments to the insurance company.
Now it is a win-win situation, and that the income falls within my definition of interest, ie income (without the risk of loss), does not mean every effort and work.
What are the other participants in this forum. Insurance friend or evil, especially in the context of Islam?
The Islamic Central
Ladies and Gentlemen,
I have always been very confused about the idea of insurance in Islam and its credibility. I recently had a discussion on this issue with three of my closest friends, and some of them have a clearer idea about it. Two of my friends were in favor of some form of insurance and have their own opinion on this issue, please note that these two good knowledge of Islam. I would not call molvis moderate Muslims, but also a good knowledge of various topics in Islam (although this is not a criterion). I will continue my reservations, their responses and some other points of view here, and would welcome the views of other people here. Please take part in a discussion with his understanding of (any), and you can subscribe to their views and explain that it may be some ambiguities that you or others may have. Thank you.
What is the Court (per cent) and Hara (forbidden) in Islam?
My understanding is that all of the income, the following criteria
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Thursday, April 7, 2016
The Basic Things You Must Know When It Comes To Life Insurance
Some people think life insurance as if it was a bet. It may seem odd, but it is indeed how some people view the matter. This isn't a risk worth taking, then it will be your family who loses out in the end.The following article will aid you towards making the right decisions when it comes to your life insurance coverage.
Each person in the family will have their own particular needs that will have to be taken care of if a death in the policy will have their own separate clauses that must be adhered to in the unfortunate incident of a death.
The biggest benefit of term life insurance over a traditional policy. You do need to keep in mind, however, that traditional life insurance policies are more permanent and you can always borrow against them down the road. Term life insurance, on the other hand, only last as long as the payments are made.
If you like to live on the wild side by bungee jumping, and extreme hobbies like skydiving and drag racing, your insurance costs can be much higher than other people's costs. There are jobs involving danger, like a type of race car driver or a helicopter pilot that are seen as "high-risk" by insurance companies, and extreme sports hobbies that could significantly raise your life insurance premium because they represent a high risk.
Make sure you get an appropriate amount of coverage. It might take you a while to figure out just how much money you will need to cover expenses and to provide for your family, doing this will alleviate a lot of your concerns. Think about the size of your mortgage, the college tuition for your children or the retirement expenses of your spouse, your tax liabilities and other aspects of your personal financial situation as you ponder the proper amount to purchase.
Life insurance isn't something that should be looked at lightly. But the facts are that your family's financial security is not something that you should be taking a risk on.
Get Life Insurance Now To Protect Future
It may be one of the wisest moves you make to purchase a truly intelligent decision to buy life insurance policy. This can make you to know where to begin to start with your research.
If you enjoy thrill sports like parachuting, scuba diving or skydiving, you can expect to pay higher premiums. There are jobs involving danger, like a type of race car driver or a helicopter pilot that are seen as "high-risk" by insurance companies, and extreme sports hobbies that could significantly raise your life insurance premium because they represent a high risk.
You do not have to enroll in a policy with a huge pay out. This will only ensure you are broke while you are alive.
Obtain a life insurance policy via a financial adviser, not through brokers.Insurance brokers actually earn commissions from the sales of life insurance policies.
In the case of your death, your life insurance policy will enable your family to carry on and pay the mortgage, and may give your children the money they need for their college education.
You can notice a difference in premiums just about half the cost of others.
Get several quotes when looking for life insurance policy. Each company is different way of calculating premiums and you might find you have a wide range of options open to you.If you are a smoker, you will encounter different rates of insurance quoted by different companies, you may benefit from researching rates from many different providers.
As you know by now, there are may things to consider when purchasing a life insurance policy. If you want to find your ideal policy, you must be willing to continue learning as much as possible about your options. If you remember the tips from this article, you will be able to locate and purchase a policy that meets the needs of yourself and your loved ones.
Helpful Advice And Tips About Life Insurance Policies
Of course, nobody expects to die suddenly, unfortunately. It is vital to make sure you are prepared to take of your family is provided for if something tragic happens to you. The article presented here will help you find the most of life insurance.
The key selling tactic with term life insurance is in the fact that it is cheaper it is when compared to traditional policies. Keep in mind that traditional life insurance policies are permanent financial assets, and you can always borrow money from it with no tax consequences. Term policies, on the other hand, are in place only for the period during which premium payments are maintained.
You should improve your overall health before you look into purchasing life insurance.Life insurance is a good deal of money. It is even more if your body is in poor health. You should do as much as you can to whip yourself into shape before getting a life insurance policy. You must do whatever it takes, and lose weight; do anything possible to help. Your costs will reflect your efforts.
Make sure that you disclose any hobbies or hobby that your insurer may consider high-risk. While it could cost more money for you, you can avoid the hassle of becoming ineligible for full coverage as a result of your failure to disclose this information. In fact, not disclosing this information might be considered to be fraud, which has significant legal and financial penalties.
Dying is a natural part of life, and people have to accept that things just happen sometimes. For some people, this happens much sooner than expected. If you don't properly plan for the future, then your family could be left with nothing when you leave this earth. Following the advice in this article will help you plan for your family.
Getting The Right Coverage For You And Your Family's Needs
Some individuals think of life insurance is a gamble. It sounds crazy when phrased that way, but some really think that. This is something you do not want to gamble with because if you lose, as it will be your family who suffers in the end. The following article will aid you towards making the right decisions when it comes to your life insurance coverage.
Each member of your family that is involved with the policy will have their own separate clauses that must be adhered to in the unfortunate incident of a death.
The key selling tactic with term life insurance is that it costs much less than a traditional policies. Keep in mind that traditional life insurance policies are permanent financial assets, and you can always borrow money from it with no tax consequences. Term policies, on the other hand, is only good for the amount of time you pay for.
Obtain life insurance from financial professionals, instead of through a broker. Insurance brokers actually earn commissions from the sales of life insurance policy you take out.
You should work to become healthier before you purchase a policy for life insurance. Life insurance is a good deal of money. It will cost significantly more expensive if you are in poor shape. You should do as much as you can to whip yourself into shape before purchasing life insurance policy.You should make improvements to your diet, be it losing weight or eating healthier.Doing so can substantially decrease the amount you have to pay for your policy.
Your total cost on the life insurance premiums could substantially increase if you happen to work in a hazardous environment or partake in high-risk extracurricular activities. If you feel your life insurance rates are too expensive, bungee jumping, scuba diving, then you might want to put those behind you. Traveling to risky areas around the world could also increase your premiums.
Life insurance isn't something that should be looked at lightly. But the stakes are too high to play with the security of your family that way.
Life Insurance Ideas That Create Less Worry
The following tips can be helpful to you in deciding the type of life insurance plan to get that is best for you.
The money from your insurance is going to be needed to cover debts, including your mortgage, personal loans, and your child's school tuition.
Take the time to shop about and compare your different options before buying a policy. Premiums for life insurance can vary greatly between insurance providers, so try using online comparisons to find the cheaper quotes. You should also take care to verify that the individual quotes you receive have taken your medical history into consideration.
You don't need to buy an insurance policy which only pays out a giant payout when you die. This can empty your wallet while you are alive.
Do not give you personal information to get a quote on an online insurance form. There are clever scammers online who promise a lot of life insurance related phishing scams online.Keep in mind that many quotes can be provided with just your zipcode.
Some insurers might offer premiums that can be as much as 40% lower than others.
Don't buy insurance policies that pay huge finders fees to the agent who charges a large commission fee.
Use the Internet to compare life insurance. Three popular sites in this genre are Accuquote, Accuquote, and Insweb.
You need to find out what cancellation procedure for your life insurance before signing on the dotted line.Some companies will charge a fee for canceling early. You should be aware of what penalties there may be for canceling a policy.
As previously mentioned, the decision to invest in life insurance is a crucial step to protect your loved ones and help them make arrangements in the event of a tragedy. There is no shortage of considerations to entertain during policy selection. With the help of the tips from this article, you are well on your way to making an informed choice.
How To Make The Right Choices In Life Insurance
Unfortunately, if they do need it, and their family will suffer because of it. The following article will assist you to research the various forms of life insurance for your needs. You will be able to rest easy knowing that your family's needs in the event of tragedy.
Take the time to shop about and compare your different options before buying a policy. Premiums can vary around 50% from the different providers, get quotes and compare policies with online comparison sites.You also want to take in consideration your medical history.
Obtain a life insurance policy via a financial adviser, not through brokers.Insurance brokers earn commissions from the sales of any life insurance policy you take out.
You should actually try different ways to get healthy before you look into purchasing life insurance. Life insurance policies can cost a real expense. It can cost significantly more if your body is in poor health. You should improve your health and overall fitness before purchasing life insurance policy. You should make improvements to your diet, be it losing weight or eating healthier.Your insurance premium will reflect your health improves.
Make sure you get too much or too little life insurance. It may seem tough, but the extra time spent is well worth it. Think about the size of your mortgage, the cost of sending your kids to college, college tuition and other needs when you are trying to evaluate how much coverage to buy.
Hobbies and professions which are risky or hazardous may cost you dearly when you purchase life insurance. If you feel your life insurance rates are too expensive, think about quitting bungee jumping, and skydiving, then you might want to put those behind you. Traveling to foreign countries with civil unrest or high disease rates could also make you to become ineligible for insurance discounts.
As revealed above, it pays to plan ahead and get insurance, even if you think you may not need it anytime soon. By utilizing the advice in this article, you will be able to protect your family from financial burdens and heartache.
Life Insurance Tips That Are Easy To Understand
The information provided in this article will help you select the best life insurance policy for your needs.
If you enjoy thrill sports like parachuting, cliff diving or bungee jumping, then this may cause your life insurance premiums to increase. Some professions, such as race car driving or being a helicopter pilot, will cause your premiums to go up.
You should not feel pressured to invest in a policy that gives you a huge amount.This can make your wallet while you are still alive.
Get just the amount of coverage you need; don't buy too much insurance or little of it. It can be difficult to determine how much you should get, but in the end, it will cost you less and better protect your family. Think about the size of your mortgage, the college tuition for your children or the retirement expenses of your spouse, your tax liabilities and other aspects of your personal financial situation as you ponder the proper amount to purchase.
Do not put in too much personal info on the internet. There are a quick free quote and use the information that you provide for identity theft scams. Keep in mind that the only initial information you should give out for a policy quote is your zip code.
Since healthier people have a longer life expectancy, they often get better deals from insurance companies.
Decide the purchase of a life insurance policy. You can buy life insurance personally or use your employer-provided policy. You can also seek advice from a financial planner who works on a fee-only basis, purchase a policy through a financial planner who works by commission only, or through an insurance agent.
As mentioned earlier, life insurance will help your loved ones deal with necessary details when you pass on. There's a number of considerations to be mindful of when choosing your next life insurance policy. Using this article, you can make a better choice.
Life Insurance Tips For The Real World
It is wise to purchase life insurance policy. This sometimes can cause you to wonder where to begin your research.
Each family has unique requirements that you need to consider when planning for everyone.
Calculate your actual life insurance needs, and buy the correct amount for your situation. If you purchase a policy that exceeds your needs, your beneficiaries' quality of life may suffer in the wake of your passing.You will feel more in control if you make the right life insurance.
Take the time to compare your different options before you purchase. Premiums can vary around 50% from the different providers, get quotes and compare policies with online comparison sites.You should also take care to verify that the quote includes considerations for your medical history into consideration.
Do not give you personal info on an online insurance form. There are many identity theft rings that use the guise of life insurance related phishing scams online. Keep in mind that many quotes can be provided with just your zipcode.
Avoid the cost of high commissions when you are purchasing life insurance.
Use the Internet to your advantage as you shop for life insurance policies.Three popular sites in this genre are Accuquote, Insweb, and Insure.com.
If the agent claims that they know more about the insurance companies than the rating agencies do, or claims to have inside information, or if they act as if they know more than anyone else, take the time to file a complaint with the customer service department.
This is due to the fact that the independent broker can offer you a variety of options and allow alot of flexibility, that firm will only be able to offer you their specific set of products. Life insurance policies are a commitment that should not be taken lightly, make sure you shop at different places before making a decision.
As you know by now, there are may things to consider when purchasing a life insurance policy. You also have to keep pushing to acquire the policy you want. By keeping the preceding advice in mind, you will have no trouble searching for that perfect policy.
Things To Consider When Shopping For A Life Insurance Policy
The tips in this article will help you choose the right life insurance package for you.
Compare prices between numerous companies when buying life insurance. Premiums for life insurance can vary greatly between insurance providers, so try using online comparisons to find the cheaper quotes. You should only compare quotes that take into account your previous medical history when shopping around for quotes.
Obtain a life insurance policy via a financial adviser, not through brokers.Insurance brokers actually earn commissions from the sales of life insurance policy you take out.
Make certain to purchase an appropriate amount of insurance. It may seem tough, but the extra time spent is well worth it. Think about the size of your mortgage, property taxes, your tax liabilities and other aspects of your personal financial situation as you ponder the proper amount to purchase.
In case you should die, life insurance can assist your spouse with the mortgage on your home or allow your kids to attend college.
Don't pay higher commissions when purchasing life insurance.
Get a lot of quotes when searching for life insurance. Each company has a different in how it rates its customers. If you have negative elements, you should take special note of the variation in quoted premiums, you may benefit from researching rates from many different providers.
Decide on how you will approach the best route to take in order to purchase a policy. You can buy your own policy or get it through your place of employment. You can also ask fee-only financial planners, buy a policy from a financial planner working on commission, or buy a policy from commission-only financial planners.
As stated in the beginning, Life insurance is a good decision and a great way to shelter your family from unexpected expenses should you die suddenly. There is no shortage of considerations to entertain during policy selection. After reading the tips featured above, you should now be able to make an informed purchase.
Tips To Understanding The Details Of Life Insurance
Nothing in life is guaranteed, including that you will be alive when tomorrow comes. If you were to die tomorrow, would your family have the ability to pay for their bills and the expenses of a funeral? This article can help you choose the best life insurance for your loved ones.
The biggest benefit term insurance has is that it is much cheaper compared to traditional policy. You must remember, however, that whole life policies are enduring financial investments offering equity that can be tapped if necessary.Term life insurance polices, on the other hand, is only good for the amount of time you pay for.
Figure out the amount of life insurance you will need, and buy the right bundle. If you purchase a policy that exceeds your needs, your beneficiaries' quality of life may suffer in the wake of your passing.You will feel a lot more secure if you decide on the right life insurance.
The money from your insurance is going to be needed to cover debts, such as your mortgage, loans, and your children's educational expenses.
Your life insurance premiums can go up if you decided to skydive, such as scuba diving or skydiving, can give your provider a reason to raise your premiums. Some risky occupations, such as race car driving or being a helicopter pilot, will cause your premiums to go up.
You should improve your overall health before you look into purchasing life insurance company. Life insurance can cost a good deal of money. It can cost you even more if you are in poor health. You should improve your health and overall fitness before purchasing life insurance policy. You should make improvements to your diet, be it losing weight or eating healthier.Doing so could dramatically decrease your insurance costs.
Keep in mind that nothing can be taken for granted. It is wrong to burden your loved ones with the financial responsibility involved with your passing. Now that you are armed with knowledge about life insurance, rest assured that you and your family won't be caught off guard by an unexpected life event.
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