Insurance: An Islamic Viewpoint

Insurance is a co-operative (contractual) system among people to carry out the results of tort that may happen to anyone of them and pay his losses and damages. Insurance began with a co-operative nature then ended up as commercial (business). Islamic scholars (Imams), addressed Insurance because it is new and it was imported to our societies. Scholars had different pointviews about Insurance, which were divided mainly to: 1- Those who consider insurance Halal (accepted). 2- Those who consider insurance Haram (forbidden). 3- Those who consider commercial insurance done by companies as Haram and suggest co-operative and governmental insurance (social security). 4-Those who consider insurance Haram (forbidden) and suggest Islamic insurance in two stages. 5- Those who consider insurance Hara