Halal Insurance Principles

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Hi all readers! Are you looking for an explanation of halal insurance principles? If your answer is “Yes”, congratulations! Now you are reading the right article. Why? Because that is what I will explain in this article. As Muslims, we must understand that. That’s why I wrote this article. So, you should read it to the end!

Specifically, there are some important things about halal insurance principles which I will explain in this article. Some of the important things I mean are as follows:

A. Meaning of Halal Insurance.
B. Purpose of Halal Insurance.
C. Is There Halal Insurance?
D. Seven Principles of Halal Insurance.

Meaning of Halal Insurance

The first important thing about the halal insurance principles that I will explain now is the meaning of halal insurance. I want you to understand that first before you read more explanations in this article because that is the basic discussion in this article that should be well understood.

If we read some Islamic literacy about halal insurance, we will find an explanation that halal insurance is an effort to protect and help each other among a number of people. This is done through investments that provide returns to meet certain risks through sharia-compliant agreements.

In halal insurance there is a system. All halal insurance participants will contribute if there are other participants who experience losses. In other words, the role of halal insurance companies is only to take care of operational and investment matters from a number of insurance funds.

That is a brief explanation of the meaning of halal insurance. As Muslims, we must understand that.

Purpose of Halal Insurance

The second important thing about halal insurance principles which I will explain now is “the purpose of halal insurance?”. I want you to understand that because it is one of the important discussions about halal insurance that must be understood well. In addition, there are some Muslims who do not understand it well.

If we read some past literature about halal insurance, we will find an explanation that the purpose of halal insurance is the welfare of Muslims, not getting a lot of benefits like the purpose of conventional insurance.

We can find an explanation that the welfare of Muslims is the main goal of halal insurance if we understand the meaning of halal insurance and halal insurance principles. I highly recommend you to understand the meaning of halal insurance as I explained earlier. You can also read explanations about it in several other articles. As for halal insurance principles, I will explain them all in a moment.

So, simply and in other terms, I want to say that the purpose of halal insurance is for Muslims to get good things especially financially.

That’s a brief explanation of the purpose of halal insurance. As Muslims, we must understand that.

Is There Halal Insurance?

The third important thing about halal insurance principles which I will explain now is “is there halal insurance?”. I want you to understand that because it is one of the important questions about halal insurance that is not well understood. In addition, there are some Muslims who doubt that there is halal insurance.

One important thing I want to explain before I explain the answer to this question, is that halal insurance is insurance that uses sharia principles as insurance principles. Halal insurance makes sharia principles the principles of managing insurance companies and managing insurance funds.

So, if you want to know whether an insurance company is a halal insurance company or a conventional insurance company, you have to understand how they manage the insurance company. If they make sharia principles the principles of managing insurance companies and insurance funds, then the insurance company is a halal insurance company. If they do not use sharia principles as the principles for managing insurance companies and insurance funds, then the insurance company is not a halal insurance company. That’s the standard.

In several previous articles, I have explained several things about health insurance in Islam, life insurance in Islam, car insurance in Islam, medical insurance in Islam, fatwas on health insurance in Islam, fatwas on life insurance in Islam, fatwas on car insurance in Islam, and fatwas on car insurance in Islam. Islam, fatwas on medical insurance in Islam, and so on. I highly recommend that you read all of them so you know whether there is halal insurance or not.

So, in simple terms, if you ask me, is there halal insurance?, the answer is that halal insurance exists if the insurance company makes sharia principles the principle of managing the company and the insurance fund.

That’s a brief explanation of is there halal insurance?. As Muslims, we must understand that.

Read Also:

Concept of Takaful (Islamic Insurance)

Seven Principles of Halal Insurance

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Founder, Author, Indonesian Blogger, Muslim, Graduate of Al-Azhar University, Cairo, Egypt.

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