The insurance options in Islamic bank will differ while compared to the normal insurance options. In Islamic insurance, the people have to invest money in a pool system in order to back up the other investors during loss or damage. The Islam insurance is something that is designed to let people understand how important is to protect and co-operate others when they are in loss or something else like that. The Quran says that, it is the responsibility of every individual to support each other when loss or damage and this are what the Islamic bank too follows. As like traditional insurance options, you can find different types of insurance in Islamic banks. All you have to do is to explore various insurance options and invest your money in the policy that looks beneficial to support yourself and others. If it is needed to be, you can talk to the insurance agents to get to know about the details of the insurance options and policies available in the Islamic bank. With that information, you can able to take a right decision in regards to what kind of insurance plan you should choose. The Islam insurance does not designed for the Islam or Muslims alone; instead anyone can buy the Islam insurance if they are comfortable in following the principles of the insurance.
What are the principles of Islam insurance?
- You should know the principles of Islamic insurance ahead investing your money. Investments that do not satisfy the Islamic principles would not be taken into account.
- First of all, you have to know your investment options. That is, the Islamic principle would not allow you to invest in whatever companies. The Islamic bank and financial institutions have disclosed few proper companies for making investments. You can invest in the companies like gold and silver company, oil and Gas Company, retail companies and trading companies.
- As like they have disclosed the companies you can invest in, the Islamic bank as well has disclosed certain companies that you should not invest in, which includes, loan companies, entertainment companies, alcohol companies, weapons and ammunition companies, pork and pork related product companies and tobacco companies.
- If you do not know how to determine the companies that you do invest in and do not invest in, you can get to someone who knows these things. You at any cost should not make investments without knowing the principles.
The Islam insurance and https://www.hejazfs.com.au/cash-investments/ as well do provide the same coverage and benefits to the clients as like the traditional insurance.