not commensurate.

Third: It is also a form of forbidden wagering; only that which supports Islam is exempted. The Prophet (peace and blessings be upon him) limited lawful wagers to camel races, horse races, and archery contests, and insurance is none of these. End of summary.

• Resolution of the Islamic Fiqh Academy regarding commercial insurance:
  It states:
  "The commercial insurance contract with a fixed premium, as practiced by commercial insurance companies, involves excessive gharar that invalidates the contract; therefore, it is unlawful according to the Sharia."

• Resolution of the Islamic Jurisprudence Council on insurance in all its forms and varieties:
  All praise belongs to Allah, and may peace and blessings be upon the Messenger of Allah, his family, his Companions, and those who follow his guidance.
  To proceed:
  The Islamic Fiqh Council considered the subject of insurance in its various kinds after reviewing much of what scholars have written on the matter and after examining the decision of the Council of Senior Scholars in the Kingdom of Saudi Arabia—taken at its tenth session in Riyadh on 4/4/1397 AH—which declared every form of insurance unlawful.
  After exhaustive study and deliberation, the Council resolved by majority vote to prohibit insurance in all its types, whether on life, commercial goods, or any other property.
  The Council also resolved unanimously to endorse the decision of the Council of Senior Scholars permitting cooperative insurance as an alternative to the forbidden commercial insurance mentioned above, and it assigned a special committee to draft the final wording of the resolution.