Have you actually check you car insurance coverage lately? or probably never. I strictly recommend you to revisit your insurance with your car insurer (bank). Alhamdulillah i just found out about this. Just ask your self this..what happen if you die? (NOT but car accident but other causes) what will happen to the loan that you currently having with the bank for the first time you bought your car? do you think the bank will just let it go and pity you? the answer is NO! that is the reason why they have the Next of Keen field in the form the first time you applied your car insurance. I guess.
However some car insurer, like IDBB Takaful sendirian berhad they do cover and pay the remaining loan for your car if you are destined to die before you finish paying your monthly car loan. Shaykh Khalid Yasin had once said, "everyday you wake up, you are not closer to your goals, to your objective in life in Dunya (dunia), but you are close to death. Everyday you are closer to death. Even babies, orphan dies. Let alone us who have lived here for 20-60 years. From the womb to the tomb!"
Alhamdulillah both of my car got covered by IDBB Takaful.
WHAT ABOUT YOURS? Please check. May Allah guide all of us. "Ihdinassirotal mustaqim" Amin.
"To Allah (Almighty God) we belong, and to Him is our return." (Holy Qur'an 2:156)
Imam Ali (pbuh) says: "If man will see how speedily his death is coming toward him he will abhor ambitions and will give up admiring the world."
Below i have taken the information from Mufti's book (Monetary Issue published in 2000). Here's what it says hukm of car insurance in Islam.
Series: 29/1991
Question: Life and Car Insurance
Can we buy insurance, for example, life insurance and car insurance, managed by non-believers (kafir) or by Muslims and what is the hukm (ruling) on it?
The justification: In order to comply with the traffic laws and to provide aid and assistance to the family of the deceased who may be poor or facing difficulties with regards to the future of their children.
------------------------------------------------------------------------------------------------------------------------------------
It is acceptable to buy car insurance so as to comply with the laws of the country because to do so is considered an exigency.
------------------------------------------------------------------------------------------------------------------------------------
Thanks blogger. I just revisited the islamic insurance company and just relaised dat the car insurance didnt cover the remaining loan if something happens to the owner such as death or total permanet disability. So I decided to cancel my policy at the non-banking islamic insurance, and transfer to BIBD Takaful. Just for a correction, it is supposed to be TAKAFUL BIBD. They no longer named IDBB Takaful since thier parent company merged. And yes, they do car insurance at a reasonable price (unlimited towing) plus financing coverage at an attractive and affordable price.
ReplyDeleteI also asked if they do cover for personal loan, house financing, consumer financing etc. And surprisingly, my current loan with BIBD are covered by their Takaful. Thank you BIBD!
$$$ GENUINE LOAN WITH LOW INTEREST RATE APPLY $$$
DeleteDo you need finance to start up your own business or expand your business, Do you need funds to pay off your debt? We give out loan to interested individuals and company's who are seeking loan with good faith. Are you seriously in need of an urgent loan contact us.
Email: shadiraaliuloancompany1@gmail.com
Phone No: +919873186890
In some finance companies, credit debt is settled by taking the car of a borrower who has already died.
ReplyDeleteBrother you forgotten the law on the loan? i am assuming the loan has interest on it.
ReplyDeleteCar insurance is required by the law of the land but what about life insurance, surely that is not mandated by law.
$$$ GENUINE LOAN WITH LOW INTEREST RATE APPLY $$$
ReplyDeleteDo you need finance to start up your own business or expand your business, Do you need funds to pay off your debt? We give out loan to interested individuals and company's who are seeking loan with good faith. Are you seriously in need of an urgent loan contact us.
Email: shadiraaliuloancompany1@gmail.com
Phone No: +919873186890