Interest and Gambling

Conventional Insurance, Medical Aid, Hospital Plan and Takaaful

Q:

1. I purchased a business and wish to insure it. What is the Shar‘ee ruling regarding insuring one’s business? Similarly, please explain the law of insuring one's vehicle.

2. Could you also explain to me the Shar'ee ruling regarding medical aid and hospital plan?

3. Is Takaaful insurance permissible? I was informed that this is an Islamic insurance and is therefore permissible.

Betting

Q: Is trading halal? Like the website I am using is IQ Option. Where you bet the price on 4th decimal of the rate.

Paying interest

Q: I am a 26 year old man with a job in the I.T field alhumduallah. I am currently living with my family and they are making lots of plans to buy a building with interest. They have already found a building and are planning to move in and live there. I don't want to be apart of interest and i never imagined being in this situation. As the youngest brother(i have 3 older brothers) my opinion doesn't hold much weight in the family. They think i dont know anything. They would like me to help with the payments in order to pay the building off as quickly as possible. Will i be sinfil for helping them make payments and what is your opinion about living in a house in riba? I can take care of myself as i am financially stable. And my teacher also said i can live at his madrasa for free and he recommended me to ask you. The biggest problem i see is that if i move out it may mess my relationship up with the family. 

Prize bonds

Q: Is buying prize bonds permissible in Islam? Provided that no loss of money is faced by the buyer as the money of prize bonds can be refunded. Explain this in the light of Quran and Sunnah.

Provident fund

Q: I am employed in the motor vehicle industry. Is it permissible to contribute towards a provident fund? The employer contributes 8% of the monthly salary, and 7,5% is deducted from my salary.

Medical aid

Q: In South Africa where government hospitals do not treat patients and private hospital fees are unaffordable, is it permissible to take out a medical aid/hospital plan for health reasons? The medical aid/hospital plan offers the following:

1. Unlimited private hospital cover.

2. Full specialist cover in hospital.

3. Monthly chronic medication.

2) Is it be permissible to take monetary compensation in places where the medical aid/hospital plan is not accepted?