Dr. Monzer Kahf, Scholar in Islamic Economics & Financial Expert, states the following: “I really believe that the opinion of the late Sheikh Mustafa al-Zarka is excellently respectable, useful and consistent with the basic rules of the principles of Islamic Jurisprudence, and the objectives of the Shari’ah. In brief, his opinion can be summarized as follows:
The insurance contract is a new and useful one, it came about as a result of new technological inventions and new economic relationships that resulted in having a large number of people having similar protection needs.
It does not violate any of the established rules of the Shari`ah. It has precedents in known contracts in the Shari`ah, and the ambiguity that appears in it is only because we look at it in isolation of the circumstances of its reason d’etre, the large number and applications of probability theory.
If the contract does not involve any other prohibition, it must be permissible. Examples of other prohibitions are: an interest clause or its subject being forbidden (e.g., transportation of alcoholic beverages). Consequently, keeping the above in mind, it is permissible to insure houses, cars, belongings.”
Insuring One’s Belongings
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