Armis.ltd Review

Based on looking at the website armis.ltd, it’s clear this platform primarily deals with insurance solutions. For Muslims, conventional insurance, as typically structured, involves elements of gharar uncertainty and riba interest, which are generally not permissible in Islam. Therefore, from an Islamic perspective, engaging with conventional insurance providers like Armis.ltd would be highly discouraged. Instead, the focus should always be on Takaful, an Islamic alternative based on mutual cooperation and donation, which aligns with Sharia principles.

Here’s an overall review summary:

• Website Focus: Conventional Insurance Solutions implies gharar and potential riba
• Islamic Compliance: Generally Not Recommended
• Transparency: Website does not explicitly detail Sharia compliance or Takaful options.
• Product Suitability for Muslims: Unsuitable due to conventional insurance models.
• Alternative Recommendation: Seek Takaful providers for Sharia-compliant insurance.

For those seeking to manage risk in a permissible manner, understanding the distinction between conventional insurance and Takaful is crucial.

Conventional insurance often involves a fixed premium with the insurer holding and investing the funds, often in interest-bearing assets, and the policyholder may not recover premiums if no claim is made.

Takaful, however, operates on a cooperative model where participants contribute to a common fund, which is then used to cover claims, with any surplus often distributed back to participants, and investments are made only in Sharia-compliant avenues.

It’s about mutual assistance, not risk transfer for profit.

Here are some of the best alternatives for ethical, Sharia-compliant risk management and other general ethical services:

• Takaful Emarat

  • Key Features: Offers various Sharia-compliant Takaful products including family Takaful, general Takaful, and health Takaful. Focuses on mutual cooperation and ethical investment.
  • Price or Average Price: Varies significantly based on the type and scope of Takaful plan chosen.
  • Pros: Fully Sharia-compliant, ethical investment of funds, surplus distribution to participants, strong emphasis on social responsibility.
  • Cons: May have fewer product options compared to large conventional insurers, availability can be limited to certain regions.

• Amanah Mutual Funds

  • Key Features: Provides Sharia-compliant investment opportunities through mutual funds, focusing on ethical businesses and avoiding forbidden sectors.
  • Price or Average Price: Management fees and expense ratios vary per fund, typically ranging from 0.5% to 2.0% annually.
  • Pros: Allows Muslims to invest ethically, professionally managed, diversification benefits, promotes economic justice.
  • Cons: Returns are not guaranteed, subject to market fluctuations, may have higher fees than some passive index funds.

• Wahed Invest

  • Key Features: A global Halal investing platform offering diversified portfolios managed according to Islamic principles, including Sukuk, real estate, and equities.
  • Price or Average Price: Management fees typically range from 0.49% to 0.99% depending on the investment amount.
  • Pros: Easy-to-use platform, accessible for various investment sizes, fully Sharia-compliant, automates ethical investing.
  • Cons: Limited investment options compared to conventional platforms, potential for higher fees on smaller portfolios, investment returns fluctuate.

• Islamic Relief USA

  • Key Features: A humanitarian and development organization that offers various charitable giving opportunities Zakat, Sadaqah as a form of social security and mutual aid.
  • Price or Average Price: Donation-based, contributions can be any amount.
  • Pros: Direct impact on communities in need, fulfills religious obligations, promotes social solidarity and economic well-being.
  • Cons: Not a direct “insurance” product, but a vital part of Islamic financial ethics for mutual support.

• LaunchGood

  • Key Features: A crowdfunding platform dedicated to supporting Muslim-led projects and initiatives, enabling community-driven solutions for various needs.
  • Price or Average Price: Donation-based, platform fees may apply to campaigns.
  • Pros: Facilitates community support, enables innovative projects, transparent, fosters positive social impact.
  • Cons: Not a direct risk management tool, depends on community generosity.

• Purity.io Halal Stock Screener

  • Key Features: A software tool that helps identify Sharia-compliant stocks for investment, avoiding industries like alcohol, gambling, and conventional finance.
  • Price or Average Price: Subscription-based, typically a monthly or annual fee e.g., $10-$30/month.
  • Pros: Essential tool for ethical investors, saves time in research, ensures compliance with Islamic financial principles.
  • Cons: Requires knowledge of investing, screener is a tool, not an investment advisor.

• Ethical Goods & Services Marketplace

  

  • Key Features: General category for marketplaces that prioritize ethically sourced, fairly traded, and Sharia-compliant products and services.
  • Price or Average Price: Varies widely depending on the product or service.
  • Pros: Supports businesses with strong ethical values, aligns consumption with moral principles, promotes sustainable practices.
  • Cons: Can be more expensive than conventionally produced goods, requires diligent research to ensure true ethical standards.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Decoding Armis.ltd: A Review for the Conscious Consumer

When you land on a site like armis.ltd, it’s essential to put on your detective hat and dig into what’s being offered, especially from a vantage point that prioritizes ethical and Islamic principles.

While the website presents itself as a provider of “insurance solutions,” a critical look reveals that it aligns with conventional insurance models, which, for many Muslims, raises significant concerns.

This isn’t about shying away from protecting assets or future planning.

It’s about doing so in a way that respects the divine guidelines.

Armis.ltd Review & First Look: A Conventional Approach

Based on an initial review of the armis.ltd website, the platform appears to offer standard insurance products. This immediate observation is critical for those adhering to Islamic financial principles. Conventional insurance typically operates on principles that diverge from Sharia law, particularly concerning riba interest and gharar excessive uncertainty.

• Conventional Model: The site doesn’t mention Takaful or Sharia-compliant alternatives, suggesting a traditional insurance framework. This framework often involves investment of premiums in interest-bearing instruments and a speculative element regarding payouts.
• Lack of Transparency on Sharia Compliance: There is no explicit mention of adherence to Islamic finance principles, which is a red flag for a Muslim consumer. Ethical platforms prioritize transparency in this regard.
• Focus on Risk Transfer: Conventional insurance fundamentally focuses on transferring risk from the individual to the insurer, often for a fixed premium that may or may not be returned, regardless of claims. This contrasts with the cooperative nature of Takaful.
• Global Insurance Market Context: According to a report by Statista, the global insurance market is projected to reach approximately $7.5 trillion by 2028, with the vast majority of this being conventional insurance. This highlights the prevalence of conventional models, making it harder but more crucial to find ethical alternatives.
• Keywords: armis ltd, armis insurance solutions ltd, armis international pvt ltd, armis security uk ltd. These keywords reinforce the conventional insurance nature.

Why Conventional Insurance Is Discouraged: The Islamic Perspective

For a Muslim, the primary concern with conventional insurance stems from its foundational principles. Islam encourages safeguarding oneself and one’s assets but emphasizes methods that are free from riba interest, gharar excessive uncertainty or speculation, and maysir gambling.

• The Issue of Riba Interest:
  • Conventional insurance companies often invest premiums in interest-bearing assets to generate profit. This is a direct contradiction to Islamic prohibitions on earning or paying interest.
  • Example: A typical insurance policy might involve the insurer earning significant returns on invested premiums before paying out claims. This income stream often includes interest.
  • Hadith: The Prophet Muhammad PBUH cursed the one who consumes riba, the one who gives it, the one who writes it down, and the two witnesses to it, saying they are all alike in sin Sahih Muslim.
• The Issue of Gharar Excessive Uncertainty:
  • In conventional insurance contracts, the policyholder pays a premium but is uncertain whether they will receive a payout. The amount and timing of the payout are also uncertain. This ambiguity constitutes gharar.
  • Example: You pay monthly car insurance for years and never have an accident. You lose all those premiums, which is a form of uncertainty that can be problematic.
  • Fiqh Principle: Islamic contracts require clarity and certainty regarding the subject matter, price, and terms to avoid disputes and exploitation.
• The Issue of Maysir Gambling:
  • Some scholars view conventional insurance as having elements of maysir because a policyholder might pay premiums and gain a large sum if an event occurs, or lose all their premiums if it doesn’t. This element of “win or lose” for a fixed payment resembles gambling.
  • Example: Buying a life insurance policy hoping for an early payout to beneficiaries or paying medical insurance hoping for a major illness to get coverage.
• Lack of Cooperative Spirit:
  • Conventional insurance is a commercial transaction between a policyholder and an insurer, driven by profit.
  • Contrast with Takaful: Takaful is based on mutual cooperation and donation, where participants contribute to a common fund tabarru’, and the purpose is mutual assistance, not profit from the policyholder’s premiums.
• Statistics: While specific data on Muslim avoidance of conventional insurance is hard to quantify globally, the growth of the global Islamic finance industry, including Takaful, indicates a strong preference for Sharia-compliant alternatives. The Islamic finance industry is projected to grow significantly, reaching over $4 trillion by 2026, underscoring the demand for ethical financial solutions.

Armis.ltd Cons: Why It Falls Short Ethically

Given the context of Islamic finance, armis.ltd, as a conventional insurance provider, inherently presents several cons for the Muslim consumer.

These shortcomings are not about the company’s operational efficiency but rather its foundational model from an ethical standpoint.

• Violation of Sharia Principles:
  • Riba Interest: As discussed, the investment practices of conventional insurers typically involve interest-bearing transactions.
  • Gharar Uncertainty: The contract design contains excessive uncertainty regarding payments and outcomes, which is prohibited.
  • Maysir Gambling: The speculative element of premiums vs. payouts aligns with gambling in some interpretations.
• Lack of Ethical Investment:
  • Conventional insurers are not restricted to investing in ethical or Sharia-compliant industries. Their investments might include sectors like alcohol, conventional banking, gambling, or non-halal food, which are forbidden for Muslims.
  • Example: An insurer might invest in a bond fund that includes companies profiting from interest or from the sale of prohibited goods.
• Absence of Cooperative Model:
  • The profit-driven nature of conventional insurance contrasts with the cooperative, mutual aid tabarru’ model encouraged in Islam.
  • Benefit Distribution: In conventional insurance, any surplus belongs to the shareholders, whereas in Takaful, surpluses are often distributed back to policyholders, reflecting the cooperative spirit.
• No Explicit Sharia Board Oversight:
  • Legitimate Islamic financial institutions, including Takaful operators, have a Sharia Supervisory Board to ensure all operations and products comply with Islamic law. Armis.ltd, being a conventional insurer, would not have such oversight.
• Limited Transparency on Fund Utilization:
  • For a conventional insurer, how premiums are invested and managed is often less transparent to the policyholder beyond regulatory requirements. For Muslims, knowing that funds are managed ethically is paramount.
• Regulatory Environment: While armis.ltd might be fully compliant with secular insurance regulations e.g., FCA in the UK, state regulations in the US, these regulations do not encompass Sharia compliance. For instance, the National Association of Insurance Commissioners NAIC in the U.S. sets standards for solvency and market conduct, but not ethical investment per Islamic principles.

Ethical Alternatives to Armis.ltd for Risk Management

Since armis.ltd operates within a conventional insurance framework, the most ethical and Sharia-compliant alternative for Muslims is Takaful. Takaful operates on principles of mutual assistance and shared responsibility, making it permissible. Beyond Takaful, there are broader strategies for financial security that align with Islamic ethics.

• Takaful Providers:
  • How it Works: Participants contribute to a common fund tabarru’ with the intention of mutual help. In case of a loss, a claim is paid from this fund. Any surplus at the end of the year, after claims and operational expenses, can be distributed back to participants.
  • Key Features: Sharia Supervisory Board, ethical investment of funds, cooperative model, transparency.
  • Examples: As mentioned in the introduction, Takaful Emarat is a prominent example. Others include Salaam Takaful in some regions, or Family Takaful plans.
  • Benefits: Ensures financial protection while adhering to Islamic principles, promotes solidarity within the community.
• Self-Insurance/Emergency Funds Savings:
  • Concept: Building a substantial emergency fund to cover unexpected expenses or losses. This eliminates the need for external, potentially non-compliant, insurance.
  • Implementation: Systematically save a portion of income into a separate, easily accessible account. Many financial experts recommend 3-6 months of living expenses.
  • Pros: Complete control over funds, no riba or gharar, encourages financial discipline.
  • Cons: Requires significant self-discipline and capital, may not cover catastrophic losses initially.
• Community-Based Mutual Aid Funds:
  • Concept: Formal or informal groups within a community pooling resources to help members in times of need, such as medical emergencies or property damage.
  • Implementation: Agreements are made on contribution amounts and payout criteria, similar to historical benevolent societies.
  • Pros: Fosters strong community ties, direct assistance, Sharia-compliant by nature.
  • Cons: Can be limited in scope and resources, may lack formal legal structure, scalability challenges.
• Halal Investment Portfolios:
  • Concept: Investing in Sharia-compliant assets like Sukuk Islamic bonds, Halal equity funds, or ethical real estate. A well-managed portfolio can provide financial security and growth without resorting to riba.
  • Implementation: Use platforms like Wahed Invest or screen stocks using tools like Purity.io Halal Stock Screener.
  • Pros: Generates wealth ethically, contributes to the real economy, potential for significant long-term growth.
  • Cons: Market risks apply, requires some financial literacy or reliance on trusted advisors.
• Charitable Giving Zakat & Sadaqah:
  • Concept: While not a direct insurance, fulfilling Zakat obligations and giving Sadaqah are fundamental aspects of Islamic financial security. Zakat ensures wealth redistribution, and Sadaqah voluntary charity offers spiritual and often worldly benefits, including protection from calamities as per Islamic teachings.
  • Implementation: Systematically calculate and pay Zakat annually, and engage in regular Sadaqah through organizations like Islamic Relief USA.
  • Pros: Spiritual rewards, social welfare, purifies wealth, provides a safety net for the less fortunate.
  • Cons: Not a personal risk management tool in the conventional sense, but a comprehensive part of an Islamic financial system.
• Responsible Consumption and Debt Avoidance:
  • Concept: Living within one’s means, avoiding unnecessary debt especially interest-based, and responsible consumption reduces financial vulnerability.
  • Implementation: Budgeting, mindful spending, prioritizing needs over wants, and focusing on saving for major purchases.
  • Pros: Reduces financial stress, promotes self-sufficiency, aligns with Islamic emphasis on moderation and avoiding waste.
  • Cons: Requires strong financial discipline.

These alternatives highlight that while armis.ltd offers a conventional solution, the ethical and Sharia-compliant path for risk management is readily available through Takaful and other Islamic financial strategies. Cowboybebop.store Review

The choice is clear for those seeking to align their financial dealings with their faith.

Armis.ltd Pricing & Subscription Model

Based on common practices in the conventional insurance sector, armis.ltd’s pricing model would likely involve fixed premiums paid periodically monthly, quarterly, or annually. These premiums are determined by a range of factors specific to the type of insurance and the risk profile of the insured.

• Premium Calculation: Factors typically include age, health, location, type of asset for property/vehicle insurance, coverage limits, deductible amounts, and claims history.
• Actuarial Science: Insurance companies use complex actuarial science to calculate premiums, aiming to cover anticipated claims, operational costs, and generate profit. This often involves statistical analysis of large datasets. The U.S. Bureau of Labor Statistics indicates that actuaries, key to this process, earn a median salary of over $113,000, reflecting the complexity of their work.
• Subscription-like Structure: While not called a “subscription,” the recurring payment of premiums functions similarly, requiring ongoing commitment to maintain coverage.
• No Free Trials: Unlike software or service subscriptions, conventional insurance typically doesn’t offer “free trials” in the traditional sense, as risk coverage begins from the policy’s effective date. Some companies might offer a “money-back guarantee” period, but this is rare and not a trial.
• Comparison to Takaful: In Takaful, contributions tabarru’ are also paid periodically. However, the intent behind these contributions is mutual aid, not merely a commercial exchange. Any surplus in the Takaful fund may be returned to participants, fundamentally changing the nature of the “payment.”
• Transparency: Without specific pricing information on the armis.ltd website, it’s difficult to comment on their pricing transparency. However, the general insurance industry is moving towards more personalized and dynamic pricing based on data analytics. For instance, telematics data e.g., from car driving behavior is increasingly used in auto insurance to offer usage-based pricing.

For a Muslim consumer, the concern with armis.ltd’s pricing model isn’t necessarily the amount, but the underlying structure and the flow of funds—specifically, whether those funds are invested in interest-bearing instruments and whether the transaction involves impermissible gharar or maysir.

How to Cancel Armis.ltd “Subscription” Policy Cancellation

Canceling an insurance policy with a conventional provider like armis.ltd would typically follow standard industry procedures.

Since it’s not a true “subscription” in the digital service sense, the process usually involves formal communication and understanding the policy’s terms and conditions regarding cancellation.

• Review Policy Document: The first step is always to refer to the policy document provided by armis.ltd. It will detail the specific cancellation clauses, including notice periods, potential cancellation fees, and refund policies for unused premiums.
• Contact Customer Service:
  • Reach out to armis.ltd’s customer service via phone, email, or their online portal.
  • Clearly state your intention to cancel the policy and the effective date of cancellation.
  • Request confirmation of cancellation in writing.
• Written Notification Recommended:
  • Even if a phone call is made, follow up with a written cancellation request, either via email or certified mail. This creates a paper trail for your records.
  • Include your policy number, name, contact details, and the requested cancellation date.
• Pro-rata Refunds:
  • For policies paid annually, you might be eligible for a pro-rata refund of the unused portion of your premium. However, some policies may have short-rate cancellation clauses that result in a penalty or a less-than-pro-rata refund.
  • Example: If you paid for a year and cancel after six months, you might expect half your premium back, but cancellation fees could reduce this.
• Impact on Coverage:
  • Ensure you understand that once the policy is canceled, you will no longer have coverage for any future claims.
  • If you are switching to a Takaful provider, ensure there is no lapse in coverage between policies.
• Auto-Renewal and Payment Discontinuation:
  • Confirm that future payments will cease and that the policy will not auto-renew.
  • If you have direct debits or recurring payments set up, consider canceling them through your bank after confirming cancellation with armis.ltd.

For a Muslim, the cancellation of a conventional insurance policy is often a step towards embracing a more ethical alternative like Takaful.

While the administrative process is similar, the underlying motivation is to align financial dealings with Islamic principles.

Armis.ltd vs. Takaful: A Fundamental Contrast

The comparison between armis.ltd representing conventional insurance and Takaful is not merely about service providers.

It’s a fundamental comparison of financial philosophies and ethical frameworks.

The core differences lie in their underlying principles, contract structures, and profit motives. Rocket.run Review

• Fundamental Principles:
  • Armis.ltd Conventional: Based on the sale of risk, where the insurer profits from premiums and investments, often involving riba interest and gharar uncertainty. It’s a commercial contract where risk is transferred.
  • Takaful: Based on tabarru’ donation and mutual cooperation. Participants contribute to a common fund, and the purpose is mutual assistance, not profit from the premium itself. It operates on principles of shared responsibility and ethical investment.
• Contract Structure:
  • Armis.ltd Conventional: A contract of exchange sale where the premium is the price for protection. If no event occurs, the premium is fully earned by the insurer.
  • Takaful: A contract of donation or cooperation. Contributions are given as donations to the fund, and participants become members of a collective pool.
• Investment Practices:
  • Armis.ltd Conventional: Funds are invested in various financial instruments, including interest-bearing assets, and potentially in industries prohibited in Islam e.g., alcohol, gambling.
  • Takaful: Funds are invested only in Sharia-compliant assets and ethical businesses, avoiding riba, haram industries, and excessive speculation. This ensures the entire operation remains permissible.
• Profit Motive:
  • Armis.ltd Conventional: The primary objective is to maximize shareholder profit from underwriting and investment activities.
  • Takaful: The primary objective is mutual assistance. Any surplus in the Takaful fund, after claims and operational expenses, is often distributed back to participants, reflecting the non-profit nature of the risk pool. The Takaful operator’s profit comes from managing the fund based on Wakalah or Mudarabah fees, not from the risk itself.
• Governance and Oversight:
  • Armis.ltd Conventional: Governed by secular financial regulations e.g., state insurance departments, FCA.
  • Takaful: Governed by both secular regulations and a stringent Sharia Supervisory Board, which ensures every aspect of the operation adheres to Islamic law.
• Risk Bearing:
  • Armis.ltd Conventional: The insurer bears the risk.
  • Takaful: Participants collectively bear the risk through their contributions to the common fund.
• Global Market Share: While Takaful is growing rapidly, it still represents a small fraction of the global insurance market. According to the Islamic Financial Services Board IFSB, the global Takaful industry was valued at over $40 billion in contributions in recent years, demonstrating its significant growth but also its niche nature compared to the multi-trillion-dollar conventional market.

In essence, armis.ltd offers a solution that, while common globally, is fundamentally misaligned with Islamic financial ethics.

Takaful, on the other hand, provides a robust, ethical framework for managing financial risks that fully complies with Sharia principles.

The choice between them boils down to whether one prioritizes mere financial protection or financial protection aligned with one’s faith.

FAQ

What is Armis.ltd?

Armis.ltd appears to be a conventional insurance solutions provider, offering various insurance products within a traditional framework.

Is Armis.ltd Sharia-compliant?

No, based on its website description as a conventional insurance provider, Armis.ltd is not Sharia-compliant due to elements of riba interest and gharar uncertainty inherent in conventional insurance.

Why is conventional insurance not permissible in Islam?

Conventional insurance is generally not permissible in Islam due to its involvement with riba interest, gharar excessive uncertainty or speculation, and sometimes elements of maysir gambling.

What are the ethical concerns with Armis.ltd from an Islamic perspective?

The ethical concerns include the presumed investment of premiums in interest-bearing instruments, the speculative nature of the contract, and the absence of a cooperative, mutual aid model.

What is Takaful?

Takaful is an Islamic alternative to conventional insurance, based on principles of mutual cooperation and donation tabarru’, where participants contribute to a fund to help each other in times of need.

How does Takaful differ from conventional insurance like Armis.ltd?

Takaful differs by operating on a cooperative model, investing funds only in Sharia-compliant assets, distributing surpluses to participants, and being overseen by a Sharia Supervisory Board, unlike conventional insurance.

Are there any alternatives to Armis.ltd for Muslims seeking financial protection?

Yes, the best alternatives are Takaful providers, building personal emergency funds, participating in community-based mutual aid funds, and engaging in Halal investment strategies. Lcis.uk Review

Does Armis.ltd offer specific Takaful products?

No, the website does not indicate that Armis.ltd offers specific Takaful products or operates under Islamic finance principles.

How do I cancel a policy with a conventional insurer like Armis.ltd?

To cancel a policy, you typically need to review your policy document, contact their customer service with a written request, and confirm cessation of payments and potential refunds.

Will I get a refund if I cancel my Armis.ltd policy early?

You might be eligible for a pro-rata refund of unused premiums, but cancellation fees or short-rate clauses can apply, reducing the refund amount.

Can I find Sharia-compliant investment options instead of conventional insurance?

Yes, you can find Sharia-compliant investment options through platforms like Wahed Invest, halal mutual funds, or by using Halal stock screeners to invest in ethical equities.

What is riba and why is it forbidden in Islam?

Riba is interest or usury, and it is forbidden in Islam because it is seen as an exploitative and unjust way of gaining wealth, leading to economic imbalance.

What is gharar and how does it relate to insurance?

Gharar is excessive uncertainty or ambiguity in a contract. In conventional insurance, the uncertainty of whether a claim will be paid, and the amount, can constitute gharar.

Is self-insurance permissible in Islam?

Yes, building an emergency fund or self-insuring by saving enough money to cover potential losses is permissible and often encouraged in Islam, as it avoids the issues of riba and gharar.

What is the role of a Sharia Supervisory Board in Takaful?

A Sharia Supervisory Board ensures that all operations, products, and investments of a Takaful company adhere strictly to Islamic law, providing legitimacy and trust for Muslim consumers.

Does Armis.ltd have a Sharia Supervisory Board?

As a conventional insurance provider, Armis.ltd would not have a Sharia Supervisory Board, as it does not operate under Islamic finance principles.

Where can I find Takaful providers in the United States?

While Takaful is more prevalent in Muslim-majority countries, there are a growing number of Takaful providers or Sharia-compliant financial services extending their reach to the US, often focusing on life or family Takaful. Wortheecosmetics.com Review

You would need to search specifically for “Takaful providers USA”.

Can I use conventional insurance for specific needs if no Takaful option is available?

Many scholars advise seeking Takaful first.

If truly no Sharia-compliant option exists for a specific need, some scholars permit conventional insurance under duress or necessity, but this is a point of scholarly debate and typically a last resort.

Are all types of conventional insurance forbidden?

The general ruling is that conventional insurance contracts are problematic. However, there are nuances and ongoing discussions among scholars regarding certain types, but the core principles of riba and gharar often render them impermissible.

What are some ethical ways to manage risk without conventional insurance?

Ethical ways include building substantial savings for emergencies, participating in community-based mutual aid, investing in Sharia-compliant assets, and fulfilling religious obligations like Zakat and Sadaqah which provide a social safety net.