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Questions and Answers
What are the three major issues among Shariah scholars regarding conventional insurance?
What are the three major issues among Shariah scholars regarding conventional insurance?
- Gharar, riba, and maysir (correct)
- Ambiguity, usury, and speculation
- Lack of transparency, prohibited transactions, and risk-taking
- Uncertainty, interest, and gambling
What is the position of the majority of juristic scholars on the practices of conventional insurance?
What is the position of the majority of juristic scholars on the practices of conventional insurance?
- They are permitted in Islam if the major elements can be eliminated
- They are a necessary evil and should be tolerated in modern times
- They are not in line with Shariah and are therefore not permitted (correct)
- They are allowed with some restrictions and modifications
Which of the following is NOT one of the major elements of conventional insurance that are problematic from a Shariah perspective?
Which of the following is NOT one of the major elements of conventional insurance that are problematic from a Shariah perspective?
- Speculation (maysir)
- Lack of transparency (correct)
- Uncertainty (gharar)
- Interest (riba)
What is the relationship between the element of gharar in conventional insurance and the issue of maysir (gambling)?
What is the relationship between the element of gharar in conventional insurance and the issue of maysir (gambling)?
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What is the key condition under which the majority of juristic scholars would consider conventional insurance practices to be permitted in Islam?
What is the key condition under which the majority of juristic scholars would consider conventional insurance practices to be permitted in Islam?
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