I work in an Insurance Company. Is it Halaal for me, as a Muslim, to work there?
Answer
I cannot give you a clear verdict on your question. The decision should be taken by you, yourself, in view of what you think is the more convincing understanding on the issue from the Islamic point of view.
Those who believe that the business of insurance is not permissible base their view on the following reasons:
i) Most of the funds of the insurance business are invested in interest-based investments, which is clearly forbidden.
ii) Insurance business is not very different from maysir (gambling).
Those who feel that insurance is permissible, feel that although most of the investments of insurance business today are interest-based, it is not a necessary part of the business of the insurance business itself. If Islamically acceptable avenues of investment were available, insurance companies would invest there to profitably engage their idle funds. As for the other criticism, they say that insurance is not gambling because gambling is a useless game of chance while insurance serves a very useful economic purpose.
I am convinced with the first point of view. I would want you to first make up your mind as to whether you agree with first view or the second one. Your decision of continuing with your present job or leaving it would depend on what your think is the Islamically correct understanding about the insurance business.