Hello my brothers and sisters. I am new to this forum and I wanted to increase my knowledge of Islam through all means. I am a new financial advisor in Ottawa, Canada and I deal with interest free investments. Alhamdullilah a lot of muslims are in my city that want to buy houses and cars but cannot due to the interest on it. I work with a company that elimnates it and does profit sharing so that insha Allah we can do our business in a halal way. We also provide benifit plans and life insurance and this is the root of my post. Correct me if I'm wrong but in Saudi they used to have these sort of plans. They used to collect money from families and hold it as a collection. SubhanAllah when a husband of a family passed they would help the mother's with the fund so that they could survive. Our life insurance is not riba based, and cash can be returned so there is no chance or risk. I believe both are a good idea and I believe our scholars are amazing masha Allah but our sharia on finances is not up to date. Please advise and please let me know if interested as I am trying to help as many people as possible
Can someone help me out here
is life insurance haram or is it a cultural denial and the fact that islamic financial tools might need updating? Im honestly not sure
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