Benefit From Islamic Insurance And Its Halal Policies

Australia is such a beautiful country, with the most exotic locations in the world, the most understanding and considerate populace. When people are trying to move to another location, they have to see two things, what is the majority religion there, and how well do they treat minors. But when it comes to this country, they have such a diverse pool of population in it. And due to that, there are people living there from all countries, races and religions. Which is what is amazing about that country, you will not find racial discrimination here either. People here are not racists and you are able to live here peacefully. But there are certain religions that require specific ways of living life, for instance Islam, one of the biggest religions of the world, educates Muslims to live life in a certain way. That way is called the path of following Sharia and we have concepts of what is forbidden and allowed in form of Haram and Halal.

Concept of Haram and Halal

There is Haram and Halal in all and every aspects of life, whether it is food, drinks, living life or business even. If you are a Muslim living in Australia and want to follow the Islamic way of life based on Sharia, then you can find many options specifically designed to cater needs of your religion. You can find Halal butchers, Halal foods and even Islamic Banking that is Sharia Compliant. If you are in need of one, you can also find Islamic Insurance in the country of Australia.

Return Policy

There are certain differences in Islamic insurance and the conventional one, whilst one is Sharia compliant, the other is not. There are a few things that separate the conventional one with the one that follows Sharia compliance, the biggest one being the returns. Now we all have had insurance in some point at life, you do not get anything back at the end of the year even if you didn’t have the need to use it. But Islamic insurance allows you to get a small amount of return in the end of the year if you have not used it. However, these returns can vary depending on the insurer. That is why you should carefully look at the terms and conditions before signing up for it. 

Intent and Mutual Risk

Another difference is the intent, in case of the conventional insurance, you are buying it for yourself, and it benefits you individually while the insurance company itself is the risk bearer. Whilst on the other hand, Islamic insurance is like a fund where a lot of people pool in money, in case of someone being unfortunate enough to need it, the money is taken out from that pool of money. The risk bearer in this case is both, the insurance provider and the insurance bearer. That is another different thing about it, that both parties have a mutual understanding and mutual risk in it.

So if you are a Muslim, and want Islamic insurance then you can find it in Australia easily through the internet.

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