What do the esteemed scholars and muftis say regarding the following issue: What is the Islamic ruling on taking out a life insurance policy from State Life Insurance Corporation?
Conventional insurance policies are based on interest-bearing transactions and are therefore prohibited (haram) and impermissible in Shari'ah. Hence, it is essential to avoid participating in any conventional insurance policy.
کما فی تنزیل العزیز:احل اللہ البیع وحرم الربوا(البقرۃ:275 الآیۃ)۔
وفی مرقاۃ المفاتیح: عن جابر رضی اللہ عنہ قال : لعن رسول اللہ ﷺ آکل الربوا وموکلہ وکاتبہ وشاھدیہ،وقال:ھم سواء(6/51)۔