Is Bank/Insurance Salaries are permissible or impremissible ?

[bao_bihari]

Re: Is Bank/Insurance Salaries are permissible or impremissible ?

@diamond321

I agree to above.

Plus now we have Islamic banking and Islamic insurance (Takaful) too. I can not say much about islamic banking but takaful IMHO is just another name of conventional insurance. Many a time the back end reinsurers to takaful companies are the conventional reinsurers instead of retakaful companies. Similarly many retakaful companies have back end retro-cessions with conventional reinsurers. How can you ensure that your insurance is islamic even when you are buying it from a takaful company ? Insurance is a part of life as much as banking is. If you are not working for a bank but you are using it’s services then indirectly you are a promoter and approver of interest …right ? similarly we all have insurances one way or the other …car , house , health etc so if you are buying insurance (which u said is haram) then u r doing a haram act too ???

There could be many flaws in the current takaful structure primarily due to the fact that it is relativly new idea and still in beta testing phase, but still saying it equivalent to conventional insurance is not true.

The underlying structures of both vary and so does the risks and rewards associated with it. The best takaful structure todate is based on WAQF model ( derviing its shariah basis from the munahada concept)(munahada was a practice of equal distribution of food in case of drought by Banu Ashr and the practise was endorsed by the Prophet :saw:

@diamond321

all the items that are imported in a country are insured , when u r travelling by air you are insured …where will you stop ? **the LCs are opened with bank when you are importing something **…so you don’t know that a product that you r buying from your market has been made available to you by using up many services from banks and insurance companies …the only way possible is to cut yourself from the world and live in jungle otherwise you are a client and buyer of banking and insurance products directly or indirectly whether you like it and approve it or not.

LCs are normaly opened on Murabaha cum wakalah basis hence is very much shariah compliant.

If one does not have proper knoweldge then they should refrain from giving fatwa which may induce others into HARAM/RIBA.

May ALLAH guide us all