Working for Insurance Institutions

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Q: Is it permissible to work at financial services institutions such as Sanlam, Old Mutual and Metropolitan Life. These institutions deal with Retirement Funds, Insurance (long term and short term), Investments, estate planning, etc.

A. It is not permissible to work for these institutions because most of the financial products they sell contain the element of Ribaa (interest). Insurance also has a Ribaa factor in it. The Ahaadeeth prohibit participation in Ribaa on every level. (Abu Dawood V3 P249)

Allah Ta'aala knows best.

Moulana Yusuf Laher

Checked and approved by: Mufti Siraj Desai