[Retirement plans, 401 K and investment]

Fatawa Question

Assalamu Alaykum dear Sheikh. Jazakum Allah Khair for taking time to help us out with our finance related Shari`ah questions. 1. I am currently with guidance residential ; a Shari`ah based home financing company for my home payments. I read the following articles at the very renowned Muslim blog site : http://muslimmatters.org/2012/03/26/halal-mortgages-misuse-of-taqi-usmani-fatwa-and-other-important-questions/ , where a predominant scholar (Sh. Yasir Khadhi) has spoken a bit negatively about the Islamic home mortgages. I am very confused now. Because I really thought this is only way out from conventional mortgage. I took a lot of effort and put a great amount of my savings to refinance with guidance thinking that I am going in the right direction. Please, help. 2. Is investing in Shari`ah mutual funds like Amana is a good thing. 3. Is it permissible to have a retirement plan ? Would it contradict from the fact that we should rely on Allah for sustenance and should not plan a lot on money matters for dunya ? 4. What is your suggestion in taking part in the 401 K plan offered by employer ? Jazaka Allah Khair. Hasan.

Fatwa

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Publication Date

2012-04-30

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Pensions
• Investments
• Mutual funds

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-733459

• APA
• MLA
• AMA