As Salam Wa Alaikum,
I am Julfiur Rahman and I am from India. Since last few days, I have been finding one solutions of one queston. It is about insurance policies in India.
I have already 3 policies with LIC (Life Insurance Corporation of India). But recently I came to know that insurance is haraam in Islam. My policy is for 10 years duration say. I don't have any idea what to do now.
Are all insurance working in India (ICICI, Relince Life. TATA AIG, SUN BIRLA etc) haraam according to sharia?
Is there any way that we can open insurance without violating sharia?
Many people say that insurance is about securing life or investing to get some profit. What is the accurate logic behind this according to Islam?
If insurance is not acceptable, then where should we invest our money?
Please give a proper solution so that I can rise awareness among other Muslim fellows regarding this topic.