Fatwa ID: 04405
Answered by: Maulana Mohammad Ahsan Osmani
Question
Assalamu Alaikum, Sheikh. Can we have 401,000 from the company that one is working with?
How should one approach this masala from an Islamic point of view?
بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم
In the name of Allah, the Most Gracious, the Most Merciful
Answer:
The ruling of 401K will be based on the type of Fund/Company one is investing the money in. Hence, if the money is invested in a Sharia Compliant Fund/Company, then it would be permissible. On the other hand, if the Fund/Company is non-Sharia Compliant, then it would be impermissible.
Only Allah knows best
Written by Maulana Mohammad Ahsan Osmani
Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham
