Question
Is it permissible to sell any of these plans or insurances:
RRSP, RESP, TFSA
Pension plans Open investments
Universal life insurance Whole life insurance Term insurance Segregated funds
Auto insurance Home insurance Mortgage for home Mortgage insurance Health insurance
Supervisa/ Visitor insurance Travel insurance
Disability insurance Critical illness insurance Business insurance Group insurance
Accident & Sickness insurance. Income replacement insurance Long term care insurance Funeral insurance
Debt consolidation, Loans
Answer:
ِﺑ ْﺴ ِﻢ ا ِﷲ اﻟ ﱠﺮ ْﺣﻤ ِﻦ اﻟ ﱠﺮ ِﺣْﯿﻢ
In the name of Allah, the Most Gracious, the Most Merciful
Insurance plans either have an element of gambling, interest, or deception therein (Contemporary Fatawaa: p. 122 [M.S. OMAR]), hence one should avoid selling such plans. As a general rule, we should avoid any job that entails directly assisting others in sin. Allah (s.w.t.) says, “And do not assist one another in sin and aggression.” (Surah Al-Maidah: verse 2) Hence, if selling any of the above-mentioned plans would require you to assist someone in committing a sinful act, you should avoid it. If you would like us to comment on any specific plan/insurance, we would need more details regarding the nature of each plan/insurance and what your exact role would be; a contract would be helpful in achieving this goal. Once you have provided the necessary details, we can conduct individual research on the plan/insurance referenced.
Only Allah knows best
Written by Maulana Mohammad Ahsan Osmani Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham