Insurance Is Haram Or Not In Islam. You need a scholar who is well versed in islamic finance. In islam, there is no need for such a system but since it has the idea of solidarity and mutual assistance, many contemporary islamic scholars regard it permissible.
Insurance means to security risk and uncertainties are risks. Waseem investigated other types of insurance, but was not able to come up with an answer. We are encourage to involve in fair and clear trade.