BitCoin and home insurance

 

 

 

Question:

Salaam,

How are you? I hope you're doing well. I have a couple of questions that I was hoping you might be able to answer for me:
1) Have you heard of BitCoin? Is it a halal investment option?
2) Is home insurance permissible? My assumption is no, but you know what they say about assuming. 

JazakAllah for your time!

بسم الله الرحمن الرحيم

الجواب حامدا ومصليا ومسلما

Answer:

Wa Alaikum Salam
 
According to our research, BitCoin is a virtual currency which is bought online and commonly used for money transfers. We are not aware of any reason why it would not be a halal investment option.
 
However, we are expecting further details regarding the issue, due to which it might be understood that it is impermissible. 
 
Initially, home insurance is impermissible. However, if it is a requirement of the country of one's residence, it is permissible. Likewise, it is also permissible if one fears that he will be struck with a financial burden without it. In either case, one should not buy more insurance than needed.

والله اعلم

Allah subhanahu wa ta'ala knows best.

Taha Abdulkareem 

Approved by Mufti Husain Ahmad Madani