The concept of insurance in Islam

Ladies and Gentlemen,
I have always been very confused about the idea of insurance in Islam and its credibility. I recently had a discussion on this issue with three of my closest friends, and some of them have a clearer idea about it. Two of my friends were in favor of some form of insurance and have their own opinion on this issue, please note that these two good knowledge of Islam.

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#IslamicFinance Basic Principle

Islamic finance is a financial system that operates according to Islamic law (which is called sharia) and is, therefore, sharia-compliant. Just like conventional financial systems, Islamic finance features banks, capital markets, fund managers, investment firms, and insurance companies. However, these entities are governed both by Islamic law and the finance industry rules and regulations that apply to their conventional counterparts.

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