Ruling on shares in a car insurance company
Question

                What is the ruling on shares in a car insurance company? Are the profits that I make halaal or haraam?.
Praise be to Allah.All forms of commercial insurance that are dealt with nowadays are haraam because they involve riba (usury) and ambiguity. 
See questions no.
    8889 and 10805. 
Shaykh Ibn Jibreen was asked about the ruling 
    on car insurance; he replied:  
In my opinion insurance is a kind of ambiguity, because the company may take money from some 
    of its clients each year and those clients do not make any claims for repairs etc. And they may take a little from some other clients and lose a 
    great deal. There are some people who deal with cars who have little faith and do not fear Allaah, and when their cars are insured they do not 
    care what happens, so they expose themselves to danger and drive recklessly, so they may cause accidents and kill believing souls and destroy 
    wealth that is protected in sharee’ah, and they do not care about that because they know that the insurance company will bear the resulting costs. 
    I say that this insurance is not permissible because of these reasons and others, whether that is car insurance, life insurance, property 
    insurance etc. 
Fataawa Islamiyyah, 
    3/5 
If this is the ruling on insurance, then 
    buying shares in these companies is haraam. 
Hence the scholars of the Standing Committee 
    said: 
It is not permissible to buy shares in 
    commercial insurance companies, because insurance policies include ambiguity and riba, which are forbidden in Islamic sharee’ah. 
Fataawa Islamiyyah. 
    2/43 
Based on this, the profits earned through shares in insurance companies are also haraam. The 
    Muslim who has indulged in any of these things and taken any of these profits should get rid of them and spend them in charitable ways. 
The Muslim has to seek to earn a halaal 
    income, because every body that is nourished on haraam things, the Fire is more suited for it. 
We ask Allaah to set the Muslims’ affairs straight. 
And Allaah knows best.