miscellaneous Fatwa Cover

Whether the money in the pension scheme is halal 3753766754

Monthly Al Kawtharmiscellaneous


Question

Assalamu Alaikum wa Rahmatullah. I was working in BADC (Bangladesh Agricultural Development Corporation). Currently retired. Although BADC is a corporation, all activities including salaries and allowances are conducted following the provisions of the government officer / employee. Following the national pay scale, salaries, allowances and retirement benefits are provided. However, retirement pensions and gratuities are paid to government officials / employees and BADC officials are not paid pensions like government officials. Gratuity and Provident benefits are provided to the officers / employees of BADC. So, I want to know whether the money received from the gratuity / provident fund can be kept in the pension scheme (savings certificate) or not? The advantage of the pension scheme is that if a deposit of Rs. 50 lakhs is made, Rs. 50,000 is paid every three months and the principal amount remains intact. It is to be noted that only national scale officers / employees of the government can invest money in the pension scheme (savings certificate). 3121253259


Answer

- حامداومصلياومسلما، بسم الله الرحمن الرحيم -

Wa alaikumus salam wa rahmatullahi wa barakatuhu. A pension scheme or savings certificate is an interest scheme. The extra money obtained from this is interest. And usury is the worst forbidden in Islam. It is the duty of every Muslim to refrain from it. Allaah says (interpretation of the meaning): وَاحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبٰوا. God has made business lawful and usury unlawful. -Surah Baqara (2): 265 Jaber Ra. Said- Cursed be the Messenger of God, peace and blessings of God be upon him, and peace be upon him. The Prophet (peace and blessings of Allaah be upon him) cursed the usurer, the payer of interest, the accountant of usury and the witness of usury, and said that they were all equal (in case of sin). -Sahih Muslim, Hadith 1596 Note that the pension scheme is given only to government employees. So being government, one may have the idea that it is not interest. Such an idea is absurd. 7452534269

- والله اعلم باالصواب -

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Source

  • আহকামুল কুরআন, জাসসাস, Part: 1, Page: 469
  • ফাতহুল কাদীর, Part: 6, Page: 146
  • ইবনে কুদামা, Part: 6, Page: 436