ANSWERED: Pensions-are they permissible?

[Yaseen]

Salaam

Are we allowed to contribute to pension schemes so long as they are not interest based.

Wasalaam

[Omar HH]

Shaykh al-Yaqoubi has some quote about this that Alex Lahoz has about pensions, health insurance, and car insurance in a non-Muslim country and a Muslim country.

[IlyasLahoz]

This is the quote our brother Sidi Omar mentioned
It can be found here: http://lightstudy.org/shkmuhammadqa.htm

Question
1) Can we insurance our house?
2) can you or person involve make a claim on your car insurance?

Answer:
Insurance in general is haram. Contemporary scholars have studied the subject. My father, the great 'Allamah shaykh Ibrahim al-Yaqoubi Rahimahu Allah wrote a work on insurance in the Muslim land and concluded that the only type of insurance that can be allowed is only pension.
As to the non-Islamic land, with the consideration of the different conditions the types of insurance that are halal are the following: health insurance, retirement plan, car insurance. As to home insurance and life insurance, they are haram. Making reasonable claims without lying is permissible and money earned is halal. The reasoning and proofs of my opinion will be insha’a Allah published later insha’a Allah, people who attend my classes may pose this question when it is appropriate for an elaboration.

[Yaseen]

Jazakallah khair