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Are pension plans permissible ? aren’t they a kind of insurance ?
Fatawa Question
Assalamu Alaykum my question is concerning pension plans, I'm working with a multinational company and we have a subscription with a private insurance company in Morocco for an insurance plan and a pension plan. The pension plan is as follow i pay 6 % of my monthly salary and the company in which I work 6 % to the insurance company and at the age of 60, I have the right to three options : 1-to get the amount accumulated at ones 2-to get a monthly amount for 10-15 years 3-to get a certain monthly amount until the end of your life. The problem is as follow, the amount that I'm paying each month there is a minimum rate of 4.5 % guarantied but the right benefit of each year is calculated according to the benefits that the insurance company has had each year with this money and is normally between 6 and 8 % per year. I don't have any idea where and how the insurance company is investing their money and I don't have the possibility to know. Is this kind of pension plan allowed by Islam or not ? many thanks and god bless you. Assalamu Alaykum.
Fatwa
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Publication Date
2001-03-30
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-724441
American Psychological Association (APA)
Qahf, Mundhir. 2001-03-30. Are pension plans permissible ? aren’t they a kind of insurance ?. .
https://search.emarefa.net/detail/BIM-724441
Modern Language Association (MLA)
Qahf, Mundhir. Are pension plans permissible ? aren’t they a kind of insurance ?. 2001-03-30.
https://search.emarefa.net/detail/BIM-724441
American Medical Association (AMA)
Qahf, Mundhir. 2001-03-30. Are pension plans permissible ? aren’t they a kind of insurance ?.
https://search.emarefa.net/detail/BIM-724441