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['Aalim Network QR] Interest on insurance installments


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|       In the Name of Allah, the Compassionate, the All-Merciful       |\
|  Greeting of Allah be upon Muhammad and the pure members of his House |\
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Assalamu 'Alaykum
The following question was kindly answered by Dr. Takim

Salaams
Ummulbanin Merali -Acting Moderator - 'Aalim Network

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I have a question which I want a reply as per Aka sistani.

Question:
In Vancouver, nowadays Government offers car insurance on Instalment basis,
ie you can pay the yearly premium by monthly instalments but they charge
interest on it.ie if the premium is 900.00 the monthly instalment will be
about 85.00, they clearly mention that interest rate is 9%. As the interest
is involved can we buy insurance on monthly instalments? 

If it is haram then can we work in insurance company where we encourage our
people to buy insurance on instalment basis so as to indulge them to pay
interest?

Answer:

If buy purchasing an insurance on an instalment basis as described by you,
it would help facilitate the insurance payments and avoid financial hardship
on the mu'mineen then it is allowed.

And Allah knows best

Liyakatali




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