Since insurance is a relatively modern concept we find that there is no direct mention about it in the Quran or the ahadtih. This fact has made it the subject of Ijtihaad or juristic reasoning. The Islamic scholars have established the basic principles about the norms of participation in the financial markets, after conducting painstaking and thorough inspection of the relevant verses from the Holy Quran and the ahadith. There are different opinions regarding this issue as everybody is entitled to form their own opinion. Different Islamic scholars have interpreted and judged the concept of insurance according to their own understanding of this issue. Naturally, difference of opinion is bound to rise. However, if there is lack of mutual consent over this issue this does not mean that the issue has reached a deadlock situation and that a clear cut ruling cannot be established on the matter (in the light of Quran and ahadith).
The main challenge before the Fiqhi (Islamic jurisdiction) scrutiny of insurance is to perceive and expose the actual nature of insurance and the insurance contracts and then present their findings before the Muslim masses so that the latter reject insurance.
Keep Me In Your Prayers.