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Fatwa Answer

Question ID: 1140 Category: Dealings
Business Takaful Insurance in United States Problem

Qordata is a Shariah Compliant company engaged in selling of I.T Products and Technical Services. We have our offices located in United States and Pakistan. Business income is derived by selling I.T products and services to customers who are based in United Stated. Majority of the customers in United States want Business Insurance of different types such as Cyber Security Insurance, Professional Liability Insurance, Data Security Insurance etc from Qordata for which Insurance Covers amount from 1M USD to 10M USD which is a business norm in United States.

Since, Qordata is a Shariah Compliant company we had reached out to maximum Insurance Providers in United States to provide us Islamic Takaful Insurance Coverage but there is no such Insurance Company in United States which provide Islamic Takaful Insurance Coverage. Due to this significant hardship, we have loss various clients and revenue contracts which translated into huge financial loss for the company.

We had also tried to reach Takaful Providers in United Kingdom but they had denied our request because we do not possess a registered office in United Kingdom.

Out of various insurances required, we managed to secure one Takaful Coverage from Takaful Pakistan Limited but same insurance coverage which would have costed us $200 to $300 per year in United States for 1M USD, it costed us $15,000 to get the same coverage from Takaful Pakistan Limited. Secondly, even if we are able to claim this Takaful amount from Takaful Pakistan Limited we would have to receive this payment first in Pakistan and then send it to United States for which we would have to pay approximately 30% of this amount as Tax to State Bank of Pakistan which is a huge financial loss for our company and it may even cause to cease our operations due to Cashflow crunch. In short, this option is not only financially viable for our company but it can also cause bankruptcy to our company.

In a nutshell, avoiding Business Insurance Coverages due to unavailability of Islamic Takaful Insurance Coverages in United States are causing significant hardships in continuity of our business. In this situation, can we opt for Business Insurance Coverages available in United States in accordance with Shariah?

الجواب وباللہ التوفیق

Primarily the insurance is illegal due the involvement of interest and gambling in it.

But if you incur unbearable loss for not having an insurance and the insurance has become such a dire necessity without which your business cannot run, then insurance can be allowed.

But the extra amount must be returned if possible, or otherwise must be given in a charity as “sadaqa”.

قال اﷲ تعالیٰ:  وَاَحَلَّ اللّٰہُ الْبَیْعَ وَحَرَّمَ الرِّبَا- یَمْحَقُ اللّٰہُ الرِّبَا وَیُرْبِیْ الصَّدَقَات۔ [البقرہ:۲۷۵-۲۷۶

عن جابرؓ، قال: لعن رسول اﷲ صلی اﷲ علیہ وسلم آکل الربوا، ومؤکلہ، وکاتبہ، وشاہدیہ، وقال: ہم سواء۔(صحیح مسلم : رقم:۱۵۹۸

قال اللّٰہ تعالیٰ: {یٰٓأَیُّہَا الَّذِیْنَ اٰمَنُوْا اِنَّمَا الْخَمْرُ وَالْمَیْسِرُ وَالْاَنْصَابُ وَالْاَزْلَامُ رِجْسٌ مِنْ عَمَلِ الشَّیْطَانِ فَاجْتَنِبُوْہُ لَعَلَّکُمْ تُفْلِحُوْنَ} [المائدۃ: ۹۰

’’ولاخلاف بین أھل العلم فی تحریم القمار وأن المخاطرۃ من القمار، قال إبن عباس إن المخاطرۃ قمار وإن أھل الجاھلیۃ کانوا یخاطرون علی المال والزوجۃ،وقد کان ذلک مباحا إلی أن ورد تحریمہ‘‘۔(۲)  احکام القرآن ۱؍۳۸۸

کؤلما في ’’ قواعد الفقہ ‘‘ : ’’ إذا تعارض مفسدتان روعي أعظمہما ضرراً بإرتکاب أخفہما ‘‘۔(ص : ۵۶)             

’’ الضرورات تبیح المحظورات ‘‘

لما في ’’ رد المحتار ‘‘ :والحاصل أنہ إن علم أرباب الأموال وجب ردہ علیہم ، وإلا فإن علم عین الحرام لا یحل لہ ویتصدق بہ بنیۃ صاحبہ ۔ (رد المحتار : ۷ /۳۰۱

فقط واللہ اعلم بالصواب

 

Question ID: 1140 Category: Dealings