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It may be useful to discuss why conventional insurance is not considered halal
For example, do insurance providers incorporate interest in their plans?
However, going back to the question, the concept of takaful may be worth investigating, where members contribute money into a pool system to guarantee each other against loss or damage
Times like this, I would really like to know the arguments for and against as to exactly why insurance is haram. I am aware of the opinions but never delved into the topics.
I have found a video of yasir qadhi speaking about why insurance is haram, worth a read!
I have heard of scholars from America saying, for example life insurance, if it will harm you financially (and in america, it will definitely harm you financially) it is better to have insurance. it becomes a necessity, for example life insurance as they are not blessed to have free healthcare like we do!
What do you mean harm financially?
Like is it better to invest that money instead of using it in insurance
So, in america, if you harm yourself, you will be paying something like 50k for breaking your arm, but if you pay for health insurance and such, you will only be paying an excess of maybe $50… so being in debt of $50k is financially harmful and cause you to even do acts that is very haraam, now $50k is the low ones, I have seen and heard people owing $300k !!
for places like here, maybe better, but in other places, peace of mind knowing its value is way better than investing in my opinion.
Insurance isn’t Haram because of interest, it’s Haram for other reasons
Yeah it’s an argument from Daroorah I.e. necessity
In certain situations like healthcare in the US, due to the extortionate and inhumane costs of the healthcare system, if you didn’t have insurance you could be facing fees enough to render you and your family bankrupt for sometimes simple medical procedures. Without insurance it becomes almost impossible to live in the US. Therefore it can be argued from Daroorah that for a person in these circumstances, that the Haram would become halal for them
It seems a lot of haram things become halal due to necessity, where is the line though?
Hmm I’m not sure I’ve personally come across many examples where the argument of Daroorah applies. Perhaps only those scholars who say mortgage is halal for first house and then the American scholars for medical insurance. Other than that they don’t call it permissible
Have you come across many? I still think it’s largely the exception and not the norm as it should be
It’s haram due to its speculative nature.
When things are no longer a necessity, 
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Yeah I see a clear case for health insurance being a necessity in the US.