Question Summary:
What kind of insurances are permitted, if any?

Question Detail:

Reference to Fatwa # 42599 regarding car-insurance facility offered by company I am working in. Actually what I need to ask is what kind of insurances are permitted, if any?

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
In principle, conventional car-insurance facilities are impermissible due to the elements of Qimaar (gambling), Riba (interest) and Gharar (future uncertainty). However it will be permissible to use insurance facilities in certain special scenarios such as if it is a government requirement. We advise you to consult with a respected and competent scholar/Alim/Mufti who will guide you in such matters.
 
And Allah Ta’āla Knows Best
 
Ismail Desai,
Darul Iftaa
 
Checked and Approved,
Mufti Ebrahim Desai.