{"_id":"676c9645744ca1ad03277272","title":"{\"ops\":[{\"insert\":\"How can Muslims prepare for retirement and protect their wealth in this economy without engaging with interest?\\n\"}]}","question":"{\"ops\":[{\"insert\":\"I have quite a large sum saved in my checking account. I know if I transferred some of this to a high yield savings account I would earn a few thousand on it, helping to further secure me financially. I never opened, or even thought about a savings account because I know they earn many back for me on interest, which is not money I have worked for and haram.\\n\\nIf we think about the state of social security today, it’s pretty obvious that none of us can rely on that when retirement comes, and it’s my responsibility to prepare for my retirement instead of hoping my kids are blessed enough to do so.\\n\\nWith all of that in mind, the only other option I see to “make my money work for me” instead of working 3+ jobs till I’m 70 to prepare for retirement is to invest in the market-which I know also has some religious restrictions. I’m wondering what on earth we, as Muslims, are supposed to do to protect ourselves and prepare in this economy that functions off of un-Islamic principals.\\n\\nWould I truly be in the wrong to benefit from a savings account or stocks if I have no other choice. Is there any Islamic financial guidance on this.\"}]}","answer":"{\"ops\":[{\"insert\":\"Savings accounts and stocks are not the only means to build wealth. Real estate, for instance, can be a highly rewarding investment and is generally considered more reliable than stocks. While it is entirely permissible for a Muslim to invest and build wealth, the investments must adhere to halal principles. A savings account that earns interest is not a viable option. Stocks may be permissible, but there are certain restrictions that some contemporary scholars have stipulated:\\n\\n1.⁠ ⁠The primary business of the company being invested in must be permissible according to Shari'ah.\\n2.⁠ ⁠The shareholder must express disapproval if the company engages in impermissible activities, such as interest-based transactions (e.g., taking out interest-bearing loans or depositing money in interest-bearing accounts).\\n3.⁠ ⁠Any income derived from interest included in the company's earnings must be removed from the shareholder's dividend and given to charity.\\n4.⁠ ⁠The company must own some non-liquid assets.\"}]}","tags":[{"_id":"668da01b0b76658b4c232e51","tag":"Contemporary Life: Interest","count":34},{"_id":"668da01b0b76658b4c232e54","tag":"Stocks","count":7},{"_id":"676c9645744ca1ad03277270","tag":"Savings Account","count":1}],"createdOn":"2024-12-25T23:33:25.376Z"}