Insurance and Medical aid

Q: In business, we sometimes suffer great losses when our debtors fail to pay us. To secure ourselves against these losses, we take out credit guarantee (CGIC).

How it works is that I tell CGIC, for example, that the general amount of money owed to me by my debtors at any given point is approximately R40 million. They will then provide me with credit cover and charge me 0.6% p/month of R40 million. When any of my debtors fails to pay me, then as soon as 90 days pass, I issue a letter of demand to the debtor and also inform CGIC. If the debt is not settled by 120 days, CGIC takes over the debt and tries to get the money from the debtor through legal means, etc. They then pay me 70-75% of the debt amount.

Because CGIC is a form of insurance, they also charge an excess i.e. they will not cover the first claim up to R200 000 per annum.

Is credit guarantee (CGIC) permissible in Islam?

Q: In Islam, is it permissible for a Muslim to have funeral cover?

Q: I am working in a shipping company. My company is giving 3 lakhs insurance coverage. I am not paying any money for the insurance. Can I take this money for hospitalisation or other purposes?

Q: I have read the article regarding insurance and medical aid. What alternatives are available that would be halal?

Q: Is it permissible to take out life policies with the only intention that the payouts will be used to pay estate taxes?

Q: I recently heard about Takaaful insurance and was interested in taking out a scheme to cover my home, business, cars, etc. Takaaful claims to be fully Shari’ah compliant, but when I went to the Takaaful website and saw the different schemes that they offer, I couldn’t see any difference with normal insurance. Also, when I dialed the number on their website, I reached a conventional insurance company who told me that Takaaful is part of them and operates under their license. Can you please explain to me whether Takaaful is permissible or not. Jazakallah.

Q: My car has been involved in an accident with another car. Will it be permissible for me to accept compensation for the damages from his insurance company as it was his fault?

Q: I live in a country where it is a legal requirement from the government for all cars to be insured. What should I do in this situation?

Q:

1. Is insuring one's business halal or haram?

2. Is working in an insurance business allowed in Islam? 

Q: I live in a country where car insurance is mandatory, without which one cannot drive and get anywhere. Out of necessity we got a car insurance.

Recently, my mother got in a car accident (it was not her fault, she was hit from behind) and was injured (she has a concussion and pain in her head). Per the insurance rules, she was to be given treatments (physiotherapy and so on) as well as compensation money due to her injury. The insurance company did not give her the compensation money or pay for her treatment costs completely. She wasn't event told she could receive compensation.

Later, she talked to a lawyer who was introduced by her friend who told her about it. Now she is making a claim against the insurance company to receive proper treatments (with all costs covered) as well as compensation money.

Is this compensation money halal to use?