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I recently terminated my conventional insurance policies, which I have had since my teenage years, not too long ago. From those policies, I received cash bonus and the surrender value of my policy. The latter, as how I know it, is my principal money there. In fact, I received less than the premium paid.
With regard to the cash bonus, since this is riba-based, I am thinking of giving them away, as the money is haram for me but not to others. Is this permissible?
The bigger question I have is, can I give to my immediate family members who are financially struggling or who would benefit from extra financial support to manage their businesses? If I am to give away, I would like to help my family first, then give the rest to others in need. Or can I give the money so that that family member can go for Hajj? I take some comfort that the funds they are about to receive from me is not haram for them, but perhaps you can share some guidance on how best to manage this situation, that is permissible in our Shari’ah.Read More »What to Do With the Return from the Conventional Insurance?