QUESTION: A person has life insurance for his mother. She is still alive. is it permissible for him to keep the life insurance and once she passes away, he will take his capital amount and use the balance of the money to pay taxes? ANSWER: He should cancel the...
QUESTION: Is it permissible to take out Medical Aid with Discovery? What about "Vitality Rewards" with Discovery? Is this Jaaiz? ANSWER: We have not approved of Discovery health insurance or the Vitality rewards programme that is linked to health insurance. We...
QUESTION: I am going to start an online store for my business. I will be using a courier company to deliver my orders. However they are advising that I insure my goods, reason being, that the high risk involved with their vehicles being targets of theft/hijacking. I,...
Question:- Two weeks ago a family member of ours requested that we lend him some money because his geyser had burst ! Because he is staying in a block of flats the insurance covers burst geysers etc. (Please note that he does not have insurance.) The building manager...
QUESTION: My sister served as an accountant in a life insurance firm (that also dealt with retirement annuities, loans) for several years, but resigned upon discovering it's in conflict with Islamic principles. She now follows specific guidelines for the money she...
Question:- 1. Is a living annuity permissible for me to take out upon retirement. 2. If I have a voluntary Retirement annuity, I don't have access to the money until Retirement. Do I pay Zakaat on this? 3. If I take out an investment, my money is with the investment...
QUESTION: Is life cover that is imposed upon by the lending company acceptable for a short term loan. The insurance covers loss of salary, disability and death on the outstanding balance. In the event the borrower is deceased, the amount owing becomes fully paid....
QUESTION: My father passed away few weeks ago (24 Rabiul Akhir 1445), and he did not have a will. We managed to find out about most of the people he owed money to and managed to settle their accounts, Alhamdulillah. However, my daddy had debts with the bank amounting...