When the Permanent Committee was asked regarding the permissibility of insurance contracts in the light of Shari'ah, they replied...
"All types of insurance are Haraam (prohibited). They involve
* Jahalah (sale with lack of knowledge),
* Gharar (fraudulent transaction where details about the sold item are unknown or uncertain) - both of them are not pardoned
* gambling,
* unjustly taking people's money,
* and Riba (usury/interest).
* Jahalah (sale with lack of knowledge),
* Gharar (fraudulent transaction where details about the sold item are unknown or uncertain) - both of them are not pardoned
* gambling,
* unjustly taking people's money,
* and Riba (usury/interest).
There are many legal proofs that all these transactions are forbidden."
- The Permanent Committee for Scholarly Research and Ifta'
Chairman - `Abdul-`Aziz ibn `Abdullah ibn Baz
Deputy Chairman - `Abdul-`Aziz Al Al-Shaykh
Member - `Abdullah ibn Ghudayyan
Member - Salih Al-Fawzan
Member - Bakr Abu Zayd
Deputy Chairman - `Abdul-`Aziz Al Al-Shaykh
Member - `Abdullah ibn Ghudayyan
Member - Salih Al-Fawzan
Member - Bakr Abu Zayd
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