A life insurance without Riba is defined by a long-term investment within the framework of the Islamic saving plan whose dividends come from ethical profits in accordance with the Islamic Sharia.
A life insurance with no Riba (usury or interest) consists of a halal investment plan that invests in bonds and pension fonds that are compatible with Islamic finance that does not tolerate usury or investment in speculative financial products such as derivatives.
Halal life insurance without Riba or Takaful without interest, including death cover, which is also a financial guarantee for a Muslim family, produces profits which are generated by ethical financial values as, equities, stocks, bonds (Sukuks) respecting the rules of the Muslim religion.
Life insurance without RIba is sought after by Muslim savers and investors who wish to place their money for the financial future of their families in values that are morally compatible with Islam, so it is important in the context of such a contract to find out from the halal insurer about the investment funds in which he invests the money.
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