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Jazak Allahu khair. Would you explain a little why these insurance companies are haraam and what makes takaful halaal? I live in a muslim country though but the riba and interest are common as food(Allah forbid). Its relating to my field hence i am asking for a some detail. May Allah reward you.

Conventional insurance is when people pay money in a pool, which is invested in conventional modes, receives conventional interest, and then later on paid to the one(s) who suffer a certain calamity based on pre-agreed terms.. it is considered entirely Haram because the terms are unfair to the people who have no idea in advance how this money will be deployed.. one person, for instance, may pay a thousand dollars, and when the insurance is triggered, they’re rewarded a hundred thousand dollars, which is taken from other insurers’ money (let alone the involved usury because the pool’s money is usually placed as a bank deposit in a savings account).. However, Islam has its own insurance system under the name of ‘Takaful’ where people give the money in charity as a act of solidarity with whoever suffers a certain loss or calamity.. in which case, money goes to whoever suffers a loss on a case by case basis.. and it makes no difference how money is allocated in each case, because it was initially paid in charity..
By the way, this is my field too, so feel free to ask.. I pray this helps..
And Allah knows best..

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