Is it permissible to subscribe with the remaining amount in the family charity fund to insurance companies to compensate for the loss it incurred after the stock market collapse?
If a cooperative and integrated fund is established for subscribers to help them through misfortunes, then this is a good deed. As for the issue of purchasing shares with the accumulated money in the fund, if this is done with the permission of the subscribers, then there is no guarantee on it in case of loss. However, if it is done without their permission, then the fund is liable for the loss incurred to the money, but only for the share of those who did not grant permission, because it exceeded the bounds of its agency.
As for the permissibility of subscribing to insurance companies, if it is cooperative insurance that fully adheres to the regulations, and the subscribers have given their permission for it, then there is no objection. However, if it is commercial insurance, then it is not permissible even if the subscribers give their permission, for commercial insurance is Islamically forbidden.
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