{"id":32293,"date":"2024-08-24T14:58:25","date_gmt":"2024-08-24T14:58:25","guid":{"rendered":"http:\/\/daruliftabirmingham.co.uk\/home\/?p=32293"},"modified":"2024-08-26T16:26:02","modified_gmt":"2024-08-26T16:26:02","slug":"taking-money-from-a-401k","status":"publish","type":"post","link":"https:\/\/daruliftabirmingham.co.uk\/home\/taking-money-from-a-401k\/","title":{"rendered":"Taking Money From A 401K"},"content":{"rendered":"

Fatwa ID: 07421<\/b><\/span><\/p>\n

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Answered by: Maulana Sheik Abdel Ahaad Imrit<\/strong><\/span><\/p>\n

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Question:<\/strong><\/u><\/span><\/p>\n

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I have a 401k. I\u2019m short on funds so my 401k is saying that I can take money from there , I just have to pay it back with 10% interest rate . The 401k money is mine.<\/span><\/p>\n

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Another option is to use credit card . They said no interest within a year if paid off, just got to pay a 5% processing fee.<\/span><\/p>\n

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In the name of Allah, the Most Gracious, the Most Merciful<\/strong><\/u><\/span><\/p>\n

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Answer:<\/strong><\/u><\/span><\/p>\n

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In Shariah, riba is defined as charging the borrower an excess amount over what was originally borrowed.<\/span><\/p>\n

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If you take a loan from your own fund and pay back an excess amount to yourself, it might outwardly appear to be interest, and thus haram.<\/span><\/p>\n

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However, this transaction does not fall under the definition of riba, despite being labeled as interest. This is because you are withdrawing money from a fund that you fully own and repaying it with a surplus to yourself, not to another person.<\/span><\/p>\n

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\u00ab\u200c\u200c[\u0627\u0644\u0639\u0646\u0627\u064a\u0629]<\/span><\/p>\n

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Only Allah (\u0639\u0632 \u0648 \u062c\u0644) knows best.<\/span><\/p>\n

Written by Maulana Sheik Abdel Ahad Imrit<\/span><\/p>\n

Checked and approved by Mufti Mohammed Tosir Miah<\/span><\/p>\n

Darul Ifta Birmingham<\/span><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

Fatwa ID: 07421     Answered by: Maulana Sheik Abdel Ahaad Imrit   Question:   I have a 401k. I\u2019m short on funds so my…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[],"_links":{"self":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts\/32293"}],"collection":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/comments?post=32293"}],"version-history":[{"count":3,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts\/32293\/revisions"}],"predecessor-version":[{"id":32500,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts\/32293\/revisions\/32500"}],"wp:attachment":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/media?parent=32293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/categories?post=32293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/tags?post=32293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}