Question Summary:
Pension funds

Question Detail:

There is a pension scheme, if we pay 120,000 pkr and after 5 years they will pay you 18,000 pkr per annum. Similarly, if we pay them 24000 every year till 15 years then they will pay you around 65,000 to 80,000 variable as per the profit after 15 years completion. But they will start the payment after 15 years first to you then to your wife and in the last kid less then 18 years. It works like a pension works.
Is this process is ok and halal?

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
In order for us to advise you, we need the complete and full details of the pension fund. The information provided by you is not sufficient to advise you.
You may send your query to admin@daruliftaa.net
 
And Allah Ta’āla Knows Best
Abdul Hannan Nizami,
Student Darul Iftaa
Chicago, USA
Checked and Approved by,
Mufti Ebrahim Desai.