Tuesday, June 25, 2024
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Saving for retirement

Fatwaa ID: 772

Question:
Asalaamulikum wrwb,

Hope you are well.

What is the ruling on saving for retirement?
Is it permissible, and if so, what should a person look out for when decided what company to start saving their retirement with?

Jazakallah khair

Answer:
In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

  1. It is permissible to save for retirement.
  2. We assume that you are referring to investing your savings for retirement. That is permissible but you must ensure that the investments are towards Shari’ah compliant avenues. It will not be permissible to invest towards Shari’ah non-compliant avenues.

And Allaah Ta’aala knows best.
Mufti Muajul I. Chowdhury
Darul Iftaa New York
https://askthemufti.us/

08/11/1444 AH – 03/03/2023 CE | AML1-7227

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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