Insurance Coverage on Consumer Items

By Mufti Ebrahim Desai
Posted: 4 Shawwal 1422, 19 December 2001

Q.) I would like to know that is getting insurance cover on consumer items (e.g watches) halal? If not, why not? [Ridhwaan Nadat]

A.) It is not permissible to take out insurance coverage as it has elements of interest and gambling in it which are prohibited.