Assalam oalaikum,
The second point of objection which makes insurance unfeasible for Muslims is uncertainty.
If we scrutinize the subject of insurance we find that there exist speculative uncertainties and pure uncertainties. The speculative uncertainties are those which have a possibility of a monetary profit or monetary loss. On the other hand pure uncertainties are those which entail loss only.
The Arabic term gharar can be described as hazard, risk or uncertainty. As a rule Islam prohibits transactions in which the conditions of sale are not known or are not certain. Only those transactions are permitted in Islam in which both the parties involved have surety and complete information about the terms of exchange. Islamic scholars have also described the term gharar as fraud.
According to the Hanafi jurist Al-Sarakhsi gharar is a bargain in which the result is hidden.
The Holy Quran has strictly prohibited the transactions in which either of the parties may suffer a loss or injustice. The Islamic scholars have framed the basic principles regarding the rights and obligations of those who participate in financial markets after throughly analysing the related Quranic verses and ahadith. Besides, forbidding gharar and Al-Qimar (gambling) Islam has also prohibited Al-Maysir i.e. unearned income from games of chance. It would not be wrong to say that insurance is akin to gambling and the unearned income received by the policy holder’s family after his early death is akin to Al Qimar.
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