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It is clear to us that the relationship
between the insured and the insurer does not constitute a partnership. The
question then is, What is the nature of this relationship? Is it a
relationship of cooperation? Are insurance firms to be regarded as
cooperatives which are organized by their members to help one another, each
member paying a certain amount as his share?
In order to establish a cooperative system on a sound footing in any group
which desires to help its members in the event of unforeseen calamity, the
following conditions must be met in regard to the money collected:
1. Every member who pays his allotted share of money pays it as a donation, in
the spirit of brotherhood. From this pool of donations help is given to those
who are in need.
2. If any part of this money is to be invested, it should be invested in halal
businesses only.
3. It is not permitted to the member to donate his share on the condition that
he will receive a pre-determined amount in the event of an unforeseen
calamity. Rather, he will be paid an amount which will compensate his loss or
a part of it, depending on the resources of the group, from the pooled monies.
4. What has been donated is gift from the donor, and taking it back is
haram.(Taken from the book, Al-Islam wal-manahij al-ishtirakiyyah (Islam and
Socialism), by Muhammad al-Ghazzali, p. 131.)
Apart from some of the Muslim cooperatives and associations in which the
individual pays a certain sum monthly as a donation without any right to take
it back and with no condition that he will receive a pre-determined amount in
case of an unforeseen calamity, these conditions are not met. As far as
insurance companies— especially life insurance—are concerned, they do not
satisfy these conditions in any respect because:
1. The insured individuals do not pay the premium as donations; such a thought
never occurs to them.
2. Insurance firms invest their monies in businesses which operate or lend
their money on interest. All this is haram and the Muslim is prohibited to
participate in such activities; the strictest and most permissive jurists
alike all agree on this point.
3. In the event that the insured survives the term of the contract, he gets
back all the premiums he paid plus some additional sum, which is nothing but
interest.
Furthermore, insurance is contrary to the whole concept of cooperation among
people. While the principle of cooperation requires that the poor and needy be
paid more than the rich, the rich, who can afford higher premiums, get back
much more in the event of death or an accident than the poor.
A Modification
In my view insurance against hazards can be modified in a manner which would
bring it closer to the Islamic principle by means of a contract of
"donation with a condition of compensation." The insured would
donate his payments to the company with the stipulation that the company would
compensate him, in the event that he is struck by calamity, with an amount
which would assist him and reduce the burden of his loss. Such a type of
transaction is allowed in some Islamic schools of jurisprudence. If such a
modification is effected, and if the company is free of usurious business, one
may declare insurance against hazards to be a lawful contract. However, as far
as life insurance is concerned, I see it as being very remote from Islamic
business transactions.
Note: Extracted from islamonline.net
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