Dear readers, a question is being submitted, kindly answer with knowledge basis...

Q: I want to purchase the Insurance policy, but some of my friends stop me by this and told me that this is involves in SOOD (Interest), when I contact the Insurance Company and asked about this matter, they replied with these words.

We do business upon your money and provide profit or loss on Musharika and Mudariba basis, and this is free of SOOD.
We want to ask that weather we should buy or not while having no special thinking for sood / profit.

An early action will be appreciated in this regard.

Islam Question and Answer - Insurance


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Firmbeliever or someone can you translate what everyone is talking about,

The only insurance I know of that pays interest is whole life or one of the investment type of life insurnance policies

Quote:

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Originally Posted by Fr_Chuck

Firmbeliever or someone can you translate what everyone is talking about,

The only insurance I know of that pays interest is whole life or one of the investment type of life insurnance policies

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Sorry Fr-Chuck,
I am not very sure what the OP is about,I am ignorant on matters of insurance.

All I know that Islam forbids usury/ribaa,hence the link which covers different issues regarding insurance,interest etc.