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Thread: ANSWERED: Pensions-are they permissible?

  1. #1
    Senior Member Yaseen's Avatar
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    Default Pensions-are they permissible?

    Salaam

    Are we allowed to contribute to pension schemes so long as they are not interest based.

    Wasalaam


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    Shaykh al-Yaqoubi has some quote about this that Alex Lahoz has about pensions, health insurance, and car insurance in a non-Muslim country and a Muslim country.


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    Senior Member IlyasLahoz's Avatar
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    This is the quote our brother Sidi Omar mentioned
    It can be found here: http://lightstudy.org/shkmuhammadqa.htm
    Question
    1) Can we insurance our house?
    2) can you or person involve make a claim on your car insurance?

    Answer:
    Insurance in general is haram. Contemporary scholars have studied the subject. My father, the great 'Allamah shaykh Ibrahim al-Yaqoubi Rahimahu Allah wrote a work on insurance in the Muslim land and concluded that the only type of insurance that can be allowed is only pension.
    As to the non-Islamic land, with the consideration of the different conditions the types of insurance that are halal are the following: health insurance, retirement plan, car insurance. As to home insurance and life insurance, they are haram. Making reasonable claims without lying is permissible and money earned is halal. The reasoning and proofs of my opinion will be insha’a Allah published later insha’a Allah, people who attend my classes may pose this question when it is appropriate for an elaboration.
    .
    For those who realize that everything is from Allah, everything is the same.
    -Jalaluddin al-Rumi


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    Senior Member Yaseen's Avatar
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    Jazakallah khair


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