Is it permissible for an individual who was a member of an insurance company that converted into a joint-stock company to retain shares granted to him in exchange for a sum he previously paid, knowing that he is still paying insurance premiums?
Insurance is of two types: cooperative, which is permissible, and commercial, which is forbidden due to usury (riba) and gambling (). However, it is permissible to subscribe to it if one is compelled. If an insurance company grants money or shares, there is no harm for customers to benefit from it, even if the company is commercial; for wealth earned through unlawful means is only forbidden to the one who earned it. If the company is commercial, its shares are forbidden, and one must dispose of them by returning them to the company and taking their value, and disposing of any excess by spending it on charitable causes. However, if the company is cooperative and its shares are pure, there is no harm in keeping them.
Summarized from the full answer at Ftawy · imported
Read the full answer on Ftawyhttps://ftawy.com/en/questions/19275
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 19275
- Imported
- Translation status
- Source text, unreviewed
- Read the full ruling
- Read the full answer on Ftawy