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007
Joined: 30 Oct 2006
Posts: 2684
Location: UK/Veteran of the Magic Kingdom
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 Posted: Sat Apr 21, 2007 3:09 pm Post subject: |
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| veiledsentiments wrote: |
Always good advice... 007 does babble on with useless information that is usually completely irrelevant to the information that the posters are asking.
VS |
This is a proof that King Cobra still exist, alive, and contributing (positively or negatively) to this forum! This by itself is an achievement for a non-native speaker  |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Sat Apr 21, 2007 6:35 pm Post subject: |
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| I can assure Mr007 that I have Life Insurance from a Saudi insurance company ! NCCI ! |
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007
Joined: 30 Oct 2006
Posts: 2684
Location: UK/Veteran of the Magic Kingdom
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| Posted: Sat Apr 21, 2007 8:55 pm Post subject: |
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| scot47 wrote: |
| I can assure Mr007 that I have Life Insurance from a Saudi insurance company ! NCCI ! |
Scot what you have got above is Death Insurance not life insurance!
Saudi Arabia used not to have an industry of insurance.
The only reason why Saudi Arabia has started to allow insurance companies to operate because of the conditions imposed on her to be a member of WTO., and in accordance with WTO agreement, SA has to allow multi-national insurance companies to open and operate direct branches in the country. No choice for SA except to accept the conditions of WTO if it wants to be a member of WTO.
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| ...Insurance has never been forbidden. You will sometimes hear the odd idiot who will claim it is unislamic because it is trying to insure against God's will, but that myth is shot down by scholars (after the Gujarat riots in India in 1993 a fatwa was requested of Al-Azhar University which not only stated that term life insurance was permitted but that there was an Islamic duty to make provision for the family in the event of one's sudden demise). |
In SA, any type of insurance, including life insurance, and according to the SA Permanent Islamic council (Fatawa Al-Lajnah Al-Daa�mia) is not permissible.
I quote from the above SA Islamic council:
�A � It is not permissible for the Muslim to insure himself against sickness, whether that is in a Muslim country or Non-Muslim, because that involves ambiguity and a kind of gambling.
B � It is not permissible for a Muslim to insure his life or all or some of his physical faculties, or to insure his wealth, possessions, cars and the like, whether that is in a Muslim country or in a Non-Muslim country, because these are kinds of commercial insurance, which is haraam because it involves ambiguity and a kind of gambling. �
End quote.
This is the official stance of the religious establishment concerning life insurance. But, the above fatwa is not obligatory, and the government cannot interfere and ban insurance companies because of the reasons related to WTO, I explained above.
Last edited by 007 on Sat Apr 21, 2007 9:46 pm; edited 1 time in total |
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Stephen Jones
Joined: 21 Feb 2003
Posts: 4124
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| Posted: Sat Apr 21, 2007 9:36 pm Post subject: |
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Complete and total nonsense.
There has long been insurance operating in Saudi Arabia, well before Saudi applied to the WTO, which has nothing to do with the matter anyway (Saudi would only be in breach of he regulations if it allowed Saudi insurance companies but banned foreign ones).
Motor insurance is mandatory in Saudi Arabia, as is the case nearly everywhere else in the world. Health insurance for expatriate employees is mandatory.
There is a nice line in "Double Indemnity" where the hardened insurance investigator turns to his boss and suggests that he the gentleman has never studied an actuarial table. Anybody who equates insurance with gambling suffers from the same problem. |
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