Fatwa: # 15644
Category: Financial Transactions
Country: South Africa
Date: 31st August 2007

Title

Please specify if the following retirement policy is islamically pessimible or not.

Question

Please specify if the following retirement policy is islamically pessimible or not.

http://www.oldmutual.co.za/corporate/employee-benefits/retirement-solutions/islamic-product-solutions/symmetry-islamic-fund.aspx#

It is called "SYmmETRY Islamic Fund".  It is apperntly a pension/provident fund.  If this is not permissible can you please provide me of detaisl of a halaal fund where i can invest for retirement that is a pension / provident.

Answer

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatoh

We do not approve investing in the Old Mutual Symmetry Fund.

And Allah knows best

Checked and Approved by:

Mufti Ebrahim Desai
Darul Iftaa

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