Is there "Islamic" insurance policies?

Q: I have noted responses indicating insurance and any policy that covers estate costs and costs associated with death is Haraam. There are companies like Tazkiya and Capital Legacy that say they have Shariah compliant policies including life insurance and these are accredited and supported by learned people in some cases but in the main they are validated by Muslim people. What are the views regarding this?

A: We have seen some of the policies of the so-called Islamic insurance companies, but we have not found them to be compliant. Unfortunately, Islamic terms have been used to give a good front, but the workings are the same as conventional haraam insurance.

And Allah Ta'ala (الله تعالى) knows best.

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)