Another voice in favor of universal coverage

Health Insuarance illegal: Islamic body- Insurance news-Insurance-Personal Finance-The Economic Times

NEW DELHI: Comparing the benefits of health insurance policy to gambling, key Islamic organisations have termed the policies as “illegal” and directed Muslims to keep away from them.

At a seminar to deliberate whether insuring health was permissible under Islamic law Shariat, the Islamic Fiqh Academy (India) decided that availing such policies was illegal.

Representatives from around 300 Madrasas, including Darul Uloom Deoband, Jamiat Islami participated in the three-day meet, where they reached a conclusion that seeking insurance cover was only another form of gambling.

Health insurance schemes have turned a noble service in to a business activity, hence under Islam it is not permitted, they said.

As long as policies are community-rated and universally held, the gambling element would presumably disappear because the expected payout from asymmetric information goes away.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: