Impermissibility of Takafol insurance
Question:-
What is Mufti Saheb’s Fatwa on Takafol insurance? Is it acceptable or not by the current model being used by the promoters of Takafol?
Answer:-
We do not approve of any insurance schemes, whether Takafol, or any other conventional insurance scheme. The element of both Riba and gambling are found in all forms of insurance, hence rendering them Haraam and impermissible in Shariah. Also, the monthly premium which the subscriber is required to contribute towards is an obligatory contribution in lieu of the insurance cover provided by the insurance company, hence, the contributor’s contribution is in no way a voluntary contribution towards the scheme.
Rasulullah Salallahu Alaihi Wasallam is reported to have said, “Protect your wealth through Zakaat (that is, by discharging your Zakaat correctly), treat your ill through Sadaqah and face (your) difficulties with Dua.” [Kanzul Ummal Pg.831 Vol.15]
The Hadith provides ways and means of protecting oneself from all difficulties, whether related to one’s health, or protection of one’s assets, belongings etc. The promises of Allah and His Rasul Salallahu Alaihi Wasallam are 100% true and the results are 100% guaranteed. On the other hand, the very objective of insurance companies is to enrich themselves hence, they look for every loophole to avoid payment on receiving a claim.
Secondly, by adopting the means of protection provided by Allah Ta’ala and His Rasul Salallahu Alaihi Wasallam, one will be obeying Allah Ta’ala and His Rasul Salallahu Alaihi Wasallam. On the contrary, by benefitting in an impermissible manner from insurance companies, one will be displeasing Allah and His Rasul Salallahu Alaihi Wasallam and thereby earning their curses.
Thirdly, by placing our trust and reliance on Allah Ta’ala, we will be assisted by Him at the time of need, whereas we will be deprived of divine assistance by placing our reliance on other human beings.
In conclusion, we do not approve of Takafol insurance. We advise the Ummah to place their trust and reliance totally upon Allah Ta’ala and adopt the means of protection prescribed in the Quraan and Hadith Sharif.
ALLAH TA’ALA KNOWS BEST!
ANSWERED BY:
Mufti Mohammed Desai
Date: 09 Muharram 1444 / 08 August 2022