Is Life Insurance Halal?
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No, life insurance is not halal.
Explanation: Life insurance and property insurance are prohibited because they involve elements of uncertainty (gharar) and usury (riba). Allah has forbidden all transactions that involve usury and those that include uncertainty to protect the community from harm. Allah says in the Quran: “Allah has permitted trading and forbidden usury” (Surah Al-Baqarah 2:275). It is also authentically reported that the Prophet Muhammad (peace be upon him) prohibited transactions involving uncertainty. Therefore, it is not permissible to engage in life insurance due to these reasons.
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And Allah knows best.