In our shariah it is very important that we learn the type of business transaction that is taking place and what is being sold to us. Insurance is built upon probability. The compensation is based upon damage.
Insurance is prohibited in Islam as long as it is not mandated by the country you live in, an easy example would be car insurance. Whereas, life insurance is not allowed and if you feel you need it please reach out to your local imam to discuss this on a case by case basis.
Shaykh Navaid Aziz answers and explains...
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