Question:
Assalamu ‘alaikum wa rahmatullah,
Sheikh Gibril,
I hope you and the family are well and healthy.
I wanted to ask Sheikh if there are any reliable fatwas on the permissibility of selling and purchasing life insurance as I know some people who are involved in selling it.
Wassalaam
Answer:
`Alaykum Salam,
It is permissible as long as no interest is involved, which rules out regular fixed return life insurance because the value of the policy is the outcome of investment premiums at a compounded rate of interest, while variable-return life insurance is permissible if the funds are invested in Shariah approved stocks or mutual funds.
Hajj Gibril Haddad
