[RESP with interest]

Fatawa Question

I have an RRSP (registered retirement saving plan), an RESP (registered education saving plan) a tax free saving plan and a saving account. All of them are secure investments with CIBC for a fixed interest rate because I don’t want to take a risk with a variable rate. I have read your responses to similar questions and I realized that I have to donate this money in order to purify my money. Who are the entities I have to donate this money to ? Should I give it to my daughter who is married and in great need ? As for my RRSP and my RESP, should I wait until I get the money and then I get rid of the interest or should I do it as one goes along ?

Fatwa

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Publication Date

2012-04-30

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Investments
• Taxes
• Usury

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-733444

• APA
• MLA
• AMA