Question Summary:
What is the current view of Darul Iftaa on Takafol Insurance. Fatwa No 21297 states that further research is under progress.

Question Detail:

What is the current view of Darul Iftaa on Takafol Insurance. Fatwa No 21297 states that further research is under progress.

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
There are various Takafol products being offered by various financial companies. The ruling of Takafol is based on the model and concept offered by the financial institution. We cannot issue a specific ruling until we have received specific information regarding the Takafol product itself.
 
And Allah Ta’āla Knows Best
 
Ismail Desai,
Darul Iftaa
 
Checked and Approved,
Mufti Ebrahim Desai.