Variable interest and interest under other names, prize bonds and accounts : interest earned in 401K account
Fatawa Question
Assalamu Alaikum Brother, My question is concerning 401 K retirement account, I wasn't sure until recently I heard that 401 K or retirement account uses interest or Riba, I know that 401 K fidelity uses dividends is that still not allowed according to Islam. Also is saving money in a savings account. I know it accumulates dividends or you have to put a certain amount on your taxes every year if you have saved in a savings account. Now are Muslims allowed to save money in a savings account and also what kind of 401 k account can one save money to or what is one's options for saving money for retirement. Can one use a savings account or is one supposed to cash money and save them at home. Please, give some helpful information. May Subhana Allah keep us successful in faith of being good Muslim. Thank you, Omar
Fatwa
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Publication Date
2003-04-01
Main Subjects
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-725831
American Psychological Association (APA)
Qahf, Mundhir. 2003-04-01. Variable interest and interest under other names, prize bonds and accounts : interest earned in 401K account. .
https://search.emarefa.net/detail/BIM-725831
Modern Language Association (MLA)
Qahf, Mundhir. Variable interest and interest under other names, prize bonds and accounts : interest earned in 401K account. 2003-04-01.
https://search.emarefa.net/detail/BIM-725831
American Medical Association (AMA)
Qahf, Mundhir. 2003-04-01. Variable interest and interest under other names, prize bonds and accounts : interest earned in 401K account.
https://search.emarefa.net/detail/BIM-725831
