Is insurance Halal or Hara'am?

  Insurance providing protection against financial losses or it provide a shelter against a possible eventuality. It is a form of risk management.There are many types of insurance like Health,auto, homeowners, and life are the most common types of insurance.  Types of Insurance Is Insurance halal or Hara'am?  Whether insurance is hala or haram, It depends upon the specific insurance product being offered and the organization from it is being offered.Some peoples says Insurance is Halal and some says Haram. For this purpose let us take insurance, it means common types of insurance like car insurance, life insurance, health insurance, home insurance and business insurance etc.  Gharar   Islam does not allow the transactions that include gharar because is another form of uncertainty and in which we have no idea what will be the ultimate outcome and Muslims are supposed to engage in open and honest business transactions. It is easy to see how insurance constitutes u...