The Ruling on Commercial and Cooperative Insurance
Machine translationRead the Arabic original
Question:
With the ruling on insurance for gatherings, and regarding Sadaqah and the like.
Answer:
Commercial insurance is forbidden; that which is intended for trade is forbidden. As for cooperative insurance, which is intended to assist the needy and where nothing returns to the contributor except the reward from Allah, there is no harm in it. But that which is intended to yield a financial return for the person is forbidden, because it is consuming people's wealth unjustly. If a loss occurs for you, you may take millions from people's wealth, while you only paid one thousand or one hundred riyals. What has made this permissible for you?
What makes it permissible for you to take people's wealth, taking hundreds of thousands or millions from people's wealth, while you only paid one hundred riyals or one thousand riyals? Yes.
With the ruling on insurance for gatherings, and regarding Sadaqah and the like.
Answer:
Commercial insurance is forbidden; that which is intended for trade is forbidden. As for cooperative insurance, which is intended to assist the needy and where nothing returns to the contributor except the reward from Allah, there is no harm in it. But that which is intended to yield a financial return for the person is forbidden, because it is consuming people's wealth unjustly. If a loss occurs for you, you may take millions from people's wealth, while you only paid one thousand or one hundred riyals. What has made this permissible for you?
What makes it permissible for you to take people's wealth, taking hundreds of thousands or millions from people's wealth, while you only paid one hundred riyals or one thousand riyals? Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، 03 من 15 / شرح أصول الإيمان / رحمة الله لمن في قلبه رحمة/ صالح الفوزان / العقيدة/ كبار العلماء — youtube.com (1:14:01)
The Arabic text is a machine transcription of the audio recording.