Question

Assalamualaikum
 I unwittingly acquired a unit linked insurance plan (ULIP) for tax saving purpose. Recently, I surrendered it and recived surrendered amount. I had invested 6 lakh rupees and recived 11 lakh rupees on surrender. Since the investment made by policy was in stock market, the returns are percentage based. Upon recieving the share holding list of the policy post surrender, I discovered 27 percentage of stocks purchased by the policy are financial institutions primarily banks. Given this, how much of 11 lakh ( including 6 lakh principal) can I utilise? Can I utilise the permitted amount if any for Hajj?

Answer 1

Ref. No. 2845/45-4479

In the name of Allah the most Gracious the most Merciful

The answer to your question is as follows:

Only the money (6 lakh) you invested in the insurance plan is yours. The additional amount (5 lakh) you got is the interest amount, which is not Halal for you. The Interest amount must be given to the poor without the intention of reward.

﴿ يَآ أَيُّهَا الَّذِينَ اٰمَنُوآ اِنَّمَا الْخَمْرُ وَالْمَيْسِرُ وَالْأَنْصَابُ وَالْأَزْلَامُ رِجْسٌ مِّنْ عَمَلِ الشَّيْطَانِ فَاجْتَنِبُوهُ لَعَلَّكُمْ تُفْلِحُون﴾ [المائدة: 90]

" عَنْ عَمْرِو بْنِ يَثْرِبِيٍّ، قَالَ: خَطَبَنَا رَسُولُ اللهِ صَلَّى اللَّهُ عَلَيْهِ وَسَلَّمَ فَقَالَ: «لَا يَحِلُّ لِامْرِئٍ مِنْ مَالِ أَخِيهِ شَيْءٌ إِلَّا بِطِيبِ نَفْسٍ مِنْهُ»". (شرح معانی الآثار،(2/313 ، کتاب الکراهة، ط: حقانيه)

 

And Allah knows best

Darul Ifta

Darul Uloom Waqf Deoband