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Islam’s position on prevalent forms of insurance June 1, 2007

Posted by islamicfinanceaffairs in Uncategorized.
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Islam’s position on prevalent forms of insurance

The reason why all forms of commercial insurances prevalent in modern trade are unlawful and against the principles of Shari’ah, is that they have either an element of interest (riba) or chancing (qimar), both of which have been explicitly and sternly forbidden by Allah Most High in the Qur’an… [read on]

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