Is Bank/Insurance Salaries are permissible or impremissible ?

[diamond321]

@bao_bihari

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:

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

Mind your language. I am no halwa or farigh lalchi maulvi I don’t give FATWA and May ALLAH never make me like those FATWA givers.

if you are blind and can not read properly it’s not my fault . What I said was it’s a pre requisite to have an insurance in order to get LC opened. I didn’t say LC is haram or not.

And about takaful it was new , srilanka is completely operating on takaful. If you dn’t have any clue about reinsurance or retakaful or retrocession then please keep your opinions to your self.