Dr. Monzer Kahf, a prominent economist and counselor states: “Insurance-based pension systems are permissible. They exist in the Muslim countries for more than a hundred years and are discussed and approved by great Shari’ah scholars. Besides, insurance itself is permissible as it does not violate any of the Shari’ah precepts and it is a useful or necessary contract. (There are scholars who argue otherwise on the basis of Gharar, but I don’t think that their argument can really be substantiated).
Receiving Pension Insurance Upon Retirement
Did you like this content?
Recommended
Defending Jerusalem: A Sacred Duty for Muslims Worldwide
The Tragedy of Al-Aqsa Mosque: Its Significance and Muslims’ Duty to Protect It
Rights & Duties of the Wife and the Husband
Istikhara Prayer: Rules & Signs of Response
How to Introduce Islam to Non-Muslims
Religious Human Rights & the Qur’an
Innovations on the Last Wednesday of Safar
The Five Daily Prayers: Any Mention in the Qur’an?
The Concept of Luck in Islam
Sleeping after Fajr and `Asr Prayers
Top Reading