Insurance on funds and properties of all kinds
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The third question of Fatwa No. ( 3048 )
Q3: Whatis the ruling on insuring assets and properties of all kinds?That is, if a merchant wants to import goods, he insures them with an insurance company for a rate, for example (1 or 2 per thousand) of the value of the goods, such that if they are exposed to danger from fire or sinking, the insurance company pays the insured the full value of the goods, and likewise for warehouses, used cars, or building structures. What is the ruling on that?
A3: Insurance on goods, warehouses, cars, buildings, ships, or airplanes, or the like, against fire, sinking, demolition, or other types of destruction, with companies at a rate of 1% or less or more, or for any amount paid to the insurance company, in cash or on credit, is forbidden; because of the risk involved, and because of the riba (usury or interest) present in some of its forms along with the risk.
Q3: Whatis the ruling on insuring assets and properties of all kinds?That is, if a merchant wants to import goods, he insures them with an insurance company for a rate, for example (1 or 2 per thousand) of the value of the goods, such that if they are exposed to danger from fire or sinking, the insurance company pays the insured the full value of the goods, and likewise for warehouses, used cars, or building structures. What is the ruling on that?
A3: Insurance on goods, warehouses, cars, buildings, ships, or airplanes, or the like, against fire, sinking, demolition, or other types of destruction, with companies at a rate of 1% or less or more, or for any amount paid to the insurance company, in cash or on credit, is forbidden; because of the risk involved, and because of the riba (usury or interest) present in some of its forms along with the risk.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.