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Fatwa CenterDifference between investing in insurance companies and depositing at home
Question
I have read one of your selected Fatwa and to tell the truth I thought that I need more specification about it. Which about Life Insurance. You explain that because its a kind of risk and also you say because if one brother pays 10 years and the other one pays 20 years but they still get the same amount at the end. However, I am looking into it as a kind of investment you are doing for your family after your death. Since no one, except Allah cc, knows when the death comes then what's the difference between saving it at home (if you can and if your money not loose its value) or investing it I am looking forward to receiving your reply.
Answer
Praise be to Allah, the Lord of the Worlds; and may His blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions. Insurance is forbidden as you read in the Fatwa you referred to. There is no difference, as far as this prohibition is concerned, between having the investor himself profit from the insurance or his family or others. The difference between putting your money at home and investing it in insurance is clear. In fact, investing it in insurance is a cooperation in an illicit thing according to Shariah. While putting this money at home does not have anything Haram. We remind, the dear questioner that there are many lawful fields where one can invest his money and get profit without indulging in Haram. Allah knows best.
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