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| Olde Tyme Religion |
| Muslim desire for certainty clashes with annuity 'gamble' |
| 2006-07-15 |
| Annuities are not good news for Muslims. Not only do they involve interest, which is forbidden under Islamic law, they also involve uncertainty. “The issue with an annuity is that you are being given a rate, but nobody’s sure how long it will be paid for, so it introduces an element of uncertainty, which conflicts with Islamic law,” Alun Williams, of the Islamic Bank of Britain, said. This is one of the principles underlying so-called Shariah finance, he said. “Contracts should be very clear and certain as to their outcome. An annuity, by most interpretations, would be considered an unclear and uncertain contract, because, if you think about it, it’s a bit like gambling — nobody is sure whether you are going to win or the insurance company is going to win.” Ian Oliver, of Norwich Union, the insurer, believes that several religious groups, including Muslims, may have objections to annuities on ethical grounds: “It’s really anyone who objects to, putting it bluntly, gambling on when you are going to die, and there are a number of groups who fall into that camp.” Mr Williams said that many Muslims are unhappy about investing in the sort of pension fund needed to pay eventually for an annuity. Alternatively secured pensions might be of interest to them instead of annuities, “but they have objections to pensions before they get to the annuity stage”, he said. |
| Posted by:ryuge |
| #6 hehehe.. need to amend ERISA then... Defined benefit plans are against sharia... who woulda thought that Mo would have thought of that kind of thing way back then. |
| Posted by: Mark E. 2006-07-15 16:11 |
| #5 Blondie, not only do they not have any problems w/life insurance but they also run a little scam up in the Detroit area. Goes like this: Achmed takes out a life insurance policy on great grampa Wissam. Wissam go back to Iraq or wherever to visit family. *He dies during the visit* (of a heart attack or take your pick) and is buried within 24 hours as per muzzie custom. A *death certificate* get's sent to Achmed from Iraq or wherever and he gives that to the insurance folks - happens all the time & usually works. This is the type of crap me and my "American" buddies saw or even had the muzzies at the gas stations we deal with boast to us of this scam. *I denote "American" as these arabs called all us non-arab white guys "Americans", hence they did not consider themselves American - this would've been a step down to them (one of the reasons I am prejudice toward them). They called the blacks & jews much worse as you can imagine. |
| Posted by: Broadhead6 2006-07-15 14:31 |
| #4 I don't see what the conflict is, they risk all for 72 golden raisins. |
| Posted by: anonymous2u 2006-07-15 12:56 |
| #3 Muzzies do not participate in 21st century reality, so WTF ? We don't give a rats ass about their assinine problems. |
| Posted by: SOP35/Rat 2006-07-15 12:21 |
| #2 Yes. Most of our clients face this dilemma. Especially those in the bustling "metal shop" sector of the economy... |
| Posted by: Mutual of Gaza City 2006-07-15 10:19 |
| #1 Do they have any similar reservations about life insurance? Otherwise, I call BS on this. |
| Posted by: Swamp Blondie 2006-07-15 09:49 |