Halal Life Insurance in Malaysia

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“Disclaimer: this article will explain some important things about halal life insurance for people in Malaysia, especially Muslims in Malaysia. This article does not specifically discuss halal life insurance companies in Malaysia.

Hi all readers! Are you looking for an explanation of halal life insurance in Malaysia? 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!

One important thing I want to explain is that the discussion about halal life insurance in Malaysia in this article does not specifically discuss halal life insurance companies in Malaysia. In this article I will only explain some basic things about halal life insurance in Malaysia according to sharia principles and Islamic rules.

Specifically, there are three important things about halal life insurance in Malaysia which I will explain in this article. The three important things I mean are as follows:

  1. What Is Halal Life Insurance in Malaysia?
  2. Is There Halal Life Insurance in Malaysia?
  3. Seven Criteria of Halal Life Insurance in Malaysia.

What Is Halal Life Insurance in Malaysia?

The important thing about halal life insurance in Malaysia that I will explain now is “what is halal life insurance in Malaysia?”. I want you to understand that first because it is one of the basic things that must be well understood.

There are two important things we must understand first:

One: halal life insurance.

If we read some Islamic literacy about halal life insurance, we will find an explanation that halal life 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 life insurance there is a system. All halal life insurance participants will contribute if there are other participants who experience losses. In other words, the role of halal life insurance companies is only to take care of operational and investment matters from a number of insurance funds.

The purpose of halal life insurance is the welfare of Muslims, not getting very many benefits like the purpose of conventional insurance.

We can find an explanation that the welfare of Muslims is the main goal of halal life insurance if we understand the meaning of halal life insurance and the criteria of halal life insurance. I will explain the halal life insurance criteria at the end of this article.

Two: in Malaysia.

I guess we all know Malaysia. Malaysia is a country. I won’t say much about it.

In simple terms, I want to say that what is meant by halal life insurance in Malaysia is a life insurance or life insurance company that uses sharia principles or Islamic rules as the principle of managing insurance companies and insurance funds.

That’s a brief explanation of “what is halal life insurance in Malaysia?”. As Muslims, we must understand that.

Is There Halal Life Insurance in Malaysia?

The important thing about halal life insurance in Malaysia that I will explain now is “is there halal life insurance in Malaysia?”. I want you to understand that because it is one of the important questions for Muslims about life insurance in Malaysia that must be well understood.

In the previous few paragraphs, I have explained that halal life insurance is life insurance that uses sharia principles as insurance principles. Halal life insurance makes sharia principles the principles of managing insurance companies and managing insurance funds.

So, if you want to know whether a life insurance company is a halal life insurance company or a conventional life insurance company, you have to understand how they manage the life insurance company. If they make sharia principles the principles of managing insurance companies and insurance funds, then the insurance company is a halal life 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 life insurance company. That’s the standard.

So, simply, if you ask me, “is there halal life insurance in Malaysia?”, the answer is that if in Malaysia there are life insurance companies that make sharia principles or Islamic rules the principles of managing insurance companies and insurance funds, there is halal life insurance in Malaysia. If in Malaysia there is no life insurance company that uses sharia principles or Islamic rules as the principle of managing insurance companies and insurance funds, then, there is no halal life insurance in Malaysia.

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

Read Also:

Concept of Takaful (Islamic Insurance)

Seven Criteria of Halal Life Insurance in Malaysia

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

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