What is the ruling of Islamic law on dealing with and accepting a voluntary savings plan in which a percentage is deducted from the salary and another percentage is added to it by the company (5% with the company adding 13%, or 2% with the company adding 7%), knowing that these funds can be obtained in specific cases (reaching 67 years of age, death, or after 6 years), and that this saving is done through private insurance companies that invest the funds in the Israeli stock exchange?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
This contract is considered a prohibited commercial insurance contract. Therefore, it is not permissible to subscribe to it directly or through the employer. If the employee has the choice to opt for insurance or not, it is not permissible for him to subscribe; if he does, he is committing a sin.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Ftawy
- Original fatwa ID
- 94791
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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