Satu Solution Corporate ServicesI am referring to an article i wrote earlier
Riba Al Fadhl and An Nasiah
I have cert from LIAM which allows me to practise as an insurance agent. I was attached with one of the biggest insurance company.
Then why we must avoid Insurance ?
We really need insurance, as a matter of fact.
Deifinition :
Takaful is an Islamic Insurance concept governed by Islamic rules and regulations (Shariah). This concept has been practised in various forms for over 1400 years.
Takaful has certain principles which govern this concept these are as follows:
” Policyholders cooperate among themselves for their common good.
” Every policyholder pays his subscription to help those that need assistance.
” Losses are divided and liabilities spread according to the community pooling system.
” Uncertainty is eliminated in respect of subscription and compensation.
” It does not derive advantage at the cost of others.
Basically it is based on the principle that members contribute certain sum of money to a common pool. Purpose of this is not profit-making but to follow the principle bear one another’s burden.
Sharing is caring.
I always ask people esp insurance agent,
” Can they pay us (policy holders) if all of us died at the same time ?”
My answer = They Cant! mana ada duit to pay everbody. Kalau 70% pun tak boleh. They have calculation (actuarial science) yang mana shows them the data statistically or rather yearly how many of us (policy holders) will be rewarded. You will be surprised!
My point is = Not fair to the Company.
Commercial insurance is not allowed for Muslims as it involves uncertainty and Riba (Interest). Refer to my article linked above.
