Is takaful insurance which offers us a various medical coverage for the time of need and emergencies or lost of ability to work or death on condition of continuous monthly fixed amount of payment to the takaful company permissible in islam? Summerized Details: The amount given to us sometimes lot more than what we have paid, and sometime we cannot claim anything. Depending on our health condition. And If we want to cancel, only 60% of our accumulated payment will be available. What is the islamic ruling regarding this takaful insurance sheikh? Whether or not it’s like LIFE INSURANCE?
Aug 21st, 2015
If the conditions of takaful are applied to the letter, this is permissible in Sha Allah but I doubt that there is any such company!