Questions of An American Muslim/15

Questions-of-An-American-MuslimQuestion 15

Do the Islamic laws prefer general insurance over trade insurance? If a Muslim can opt for trade insurance at a lower cost, what is his duty? Can an American Muslim purchase these insurance shares?

Answer: According to Islamic law trade insurance (since it is an agreement and general laws are applicable to it) is valid and legal and from this aspect there is no difference between this insurance and general insurance. Therefore a Muslim can opt for trade insurance and also purchase the shares.

Philosophy of Islamic Laws:Ayatullah Naser Makarem Shirazi, Ayatullah Jafar Subhani