Juristic views on Riba, Gharar and Qimar in life insurance

How to Cite

Shalim, K. M. Zakir Hossain. 2016. “Juristic Views on Riba, Gharar and Qimar in Life Insurance”. Islam and Civilisational Renewal </Br> ICR Journal 7 (2). https://icrjournal.org/index.php/icr/article/view/547.


Throughout the Muslim world, the issue of whether life insurance involves unlawful elements of ribÉ, gharar and qimÉr continues to be debated. A heated controversy has been raging over this problem, with Muslim jurists becoming divided into two distinct groups: those who have argued that ribÉ, gharar and qimÉr are all in some way involved in life insurance (thereby making the latter ÍarÉm) and others who have denied these arguments. Interestingly, both groups have supported their views with proofs from the sources of Islamic law, creating much confusion in the Muslim world. Hence, this paper examines the different juristic arguments and counter arguments on this issue in order to determine the preferable view. Ultimately, the paper concludes that, conceptually speaking, there is no gharar, ribÉ or qimÉr in conventional life insurance. However, in order for conventional life insurance to be admissible in Islam, the paper has recommended some policies for insurance companies and participants to follow.



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