Is working for a Takaful insurance company impermissible in Sharia, becoming Haram due to the company's investment of customer funds in interest-bearing governmental bonds and treasury bills?
The mere claim of a company to adopt a Takaful insurance system without adhering to its regulations is worthless. Among the advantages of Takaful insurance are investing funds through legitimate means and avoiding usury and prohibited matters. Sheikh Al-Qaradawi clarified that Takaful insurance is based on cooperation and is free from gambling, gharar (excessive uncertainty), and usury. The company must not violate Sharia in its contracts and dealings, nor should it deposit its funds in usurious banks. Lawful earnings are sufficient, even if their profit is less than unlawful ones. Allah Almighty says: "Say, 'Not equal are the evil and the good, although the abundance of evil might impress you.' So fear Allah, O you who possess understanding, that you may be successful." and "Allah destroys interest and gives increase for charities. And Allah does not like every sinful disbeliever." Therefore, it is permissible to work for the company if it ceases usurious and unlawful investments and adheres to the Sharia regulations of Takaful insurance.
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- 160176
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