All forms of commercial and business insurance are prohibited in Islam. This is because they involve several impermissible elements, such as:
- Gharar (excessive uncertainty or deceit)
- Riba (usury or interest)
- Jahalah (ambiguity or ignorance)
- Qimar (gambling)
- Unlawful consumption of people’s wealth.
These factors render such practices impermissible under Islamic law.
[Reference: Al-Lajnah Ad-Daimah, Fatwa No. 3117]
