Saving Plan Scheme
Question
My employer has a saving plan scheme in which an employee can contribute to every month for 10 years after which you get your money back and any bonus which they have accumulated over that period. They say the following: “The Fund invests in a range of asset classes, including government gilts, corporate bonds, UK and overseas equities, collective investment funds, bank deposits and property.” Is this something which is permissible to join?
بسم الله الرحمن الرحیم
Answer
This should be avoided because many of the investments are interest based and therefore not lawful.
Allah knows best
Yusuf Shabbir
15 Dhū al-Ḥijjah 1444 / 3 July 2023
Approved by: Mufti Shabbir Ahmed and Mufti Muhammad Tahir
