The Ruling on Cooperative and Commercial Insurance
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The Shaykh:
Damn it.
The presenter:
And.
The Shaykh:
The contract between the two parties. The land. Wait.
The presenter:
One of its benefits is making things easier for the sick.
The Shaykh:
What is the riba (usury or interest) intended for investment, or where the aim is expansion, where the aim is to exploit the need of the needy?
The questioner:
He says: Honorable Shaykh, may Allah grant you success. There was a military officer in the school, and he started talking about insurance for the license, and he started urging the students and teachers. He said during his speech that this is cooperative insurance, and that this work has a legal ruling (fatwa). What is the ruling on this? And will a ruling be issued by the Committee of Senior Scholars regarding this issue, since the truth and falsehood have become mixed up for us?
The Shaykh:
This is a lie. They say it is cooperative; this is a lie. It is not cooperative; it is commercial. This is a commercial generalization. No detailed ruling has been heard from the Committee of Senior Scholars regarding it. The cooperation intended is that which is based on donation, helping the needy, donations that are collected and from which the needy are helped. That is cooperation. As for the insurance they intend now, it is not cooperation; it is commercial. Companies gather and pay money to bear the fines of the victims, and they invest these funds in banks and take their profits and divide them at the end of the year. This is an investment method; it is not commercial in the sense that their aim is to benefit the needy without investment or donation. It is not donation. In the Qur'an, their work is on investment. They invest the collected funds in banks and earn huge profits and divide them. And if a fine is incurred by someone, they pay it, and it is not covered by what they earned and gained from the huge profits. They settle it from the people's money and the profits they obtained, so they do not lose anything. So this is the talk. It tells you: come. The greatest luck, come.
The questioner:
Also a lie upon
The Shaykh:
The verse of the Blessed, the Exalted. The camp is in this. Yes. Yes.
The presenter:
May Allah grant you success,
Damn it.
The presenter:
And.
The Shaykh:
The contract between the two parties. The land. Wait.
The presenter:
One of its benefits is making things easier for the sick.
The Shaykh:
What is the riba (usury or interest) intended for investment, or where the aim is expansion, where the aim is to exploit the need of the needy?
The questioner:
He says: Honorable Shaykh, may Allah grant you success. There was a military officer in the school, and he started talking about insurance for the license, and he started urging the students and teachers. He said during his speech that this is cooperative insurance, and that this work has a legal ruling (fatwa). What is the ruling on this? And will a ruling be issued by the Committee of Senior Scholars regarding this issue, since the truth and falsehood have become mixed up for us?
The Shaykh:
This is a lie. They say it is cooperative; this is a lie. It is not cooperative; it is commercial. This is a commercial generalization. No detailed ruling has been heard from the Committee of Senior Scholars regarding it. The cooperation intended is that which is based on donation, helping the needy, donations that are collected and from which the needy are helped. That is cooperation. As for the insurance they intend now, it is not cooperation; it is commercial. Companies gather and pay money to bear the fines of the victims, and they invest these funds in banks and take their profits and divide them at the end of the year. This is an investment method; it is not commercial in the sense that their aim is to benefit the needy without investment or donation. It is not donation. In the Qur'an, their work is on investment. They invest the collected funds in banks and earn huge profits and divide them. And if a fine is incurred by someone, they pay it, and it is not covered by what they earned and gained from the huge profits. They settle it from the people's money and the profits they obtained, so they do not lose anything. So this is the talk. It tells you: come. The greatest luck, come.
The questioner:
Also a lie upon
The Shaykh:
The verse of the Blessed, the Exalted. The camp is in this. Yes. Yes.
The presenter:
May Allah grant you success,
Source
قناة «العلامة الدكتور صالح الفوزان»، 141/82 شرح زاد المستقنع/ صالح الفوزان — youtube.com (3:39)
The Arabic text is a machine transcription of the audio recording.