Fathwa - Ruling on an insurance company depends on type of insurance it carries out

Question
As Salaam u Alaikum, I amcurrently working in a Insurance company.
This company is not like otherinsurance companies. This is a Captive
insurance company. I mean this is a company which was created by a
large oil company and we do insuance only for them. we do not charge
them any interest. There is a fixed amount which the parent company
paysus. We do insurance only to them and their subsidiaries. Could you
please advise whether it is Haram to work here or not. Jaza Kumullah
Ahmed
Answer
All perfect praise be to Allaah, The Lord of the Worlds. I testify
that there is none worthy of worship except Allaah, and that Muhammad
isHis slave and Messenger.
The ruling on the mentioned insurance company depends on thekind of
insurance that it carries out; if it is a cooperative insurance, it is
permissible to work in it, and if it is a commercial insurance based
on risk and gambling, then it is forbidden to work in it.
We have clarified how to distinguish between the permissible insurance
system and the forbiddencommercial insurance in Fatwa 81425 . The
conclusion in this Fatwa is that one should look atthe nature of the
contract between the employees or their employer (company) and your
company that deducts from them those premiums; so if the role of the
insurance company is to take care of those premiums like an agent or a
hired person, and cover losses from these collective premiums, and the
compensation would be paid wholly or partly from the employees to each
other, and the surplus would be for them, and the company has no
relation with the premiums except that of a hired agent, then this
insurance is cooperative and permissible.
On the other hand, if the insurance company is thecompany that pays
the treatment expenses in return for the installments paid, and it
takes the surplus money, then it is a commercial insurance and it is
forbidden as it is based on risk and gambling andit is not permissible
to work in it if one has the choice not to do so.
Allaah Knows best.

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