The ruling on the claim that the Committee of Senior Scholars has issued a fatwa permitting cooperative insurance

Question:
He says: Honorable Shaykh, may Allah grant you success. In one of the newspapers today, one of the people in charge of the Cooperative Insurance Company stated that investing in the company is permissible because the Committee of Senior Scholars has issued a fatwa permitting it. Is what he mentioned correct?

Answer:
A liar, a liar. The Committee of Senior Scholars has not issued a fatwa on this type. They issued a fatwa on the cooperative type, where people gather donations, which are placed in a box and collected, to help the needy, and nothing returns to the donor except the reward. It does not return to trade or investment. This is a liar who attributes to the Committee of Senior Scholars that they permitted what they permitted—commercial insurance, which is called cooperative. It is commercial, but they call it cooperative in order to deceive people. Or is it commercial and not cooperative?