5. Legitimacy of Simple Cooperative Insurance

5. Legitimacy of Simple Cooperative Insurance

There is no disagreement among Moslem Sharia scholars regarding the permissibility of this kind of insurance and the legitimacy of practicing it.

 The second Moslem Scholars Conference held in Cairo in the year 1385 A.H. (1965 AD), the seventh Moslem scholars conference held in 1392 A.H. (1972 AD), and the Islamic Jurisprudence Council in its first session held in Mecca on 10 Shaban 1398 A.H. have all given a legal advisory opinion permitting this kind of insurance. The latter stated: "The Council has unanimously approved the decision of the High-Ranking    more...