Is Insurance in Saudi Arabia according to Islamic Laws?

· 16 Dhuʻl-Qiʻdah 1424 AH1 min readFatwa 10580English
Finance and Commerce

Question

Is Insurance in Saudi Arabia according to Islamic Laws? Whether working in Insurance Company in Saudi Arabia is permissible? Whether working in any other company in Saudi Arabia as Accountant and so dealing with Insurance Company for Insurance of Vehicles etc. is permissible.

Answer

We do not know the rules and principles of Insurance in Saudi Arabia.

However, all conventional insurances are prohibited as they contain elements of interest, gambling and uncertainty through a mechanism not recognised in Shari?ah.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

Answered by
Mufti Ebrahim Desai
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