Question:
Salam alaykoum,
I am living in Canada and I would like to ask two questions please,
1/ Is it permitted in Islam to have a “Registered Education Savings Plans”? Is it a “riba”?
Thank you so much
Salam alaykoum
Answer:
A`udhu billahi min ash-shaytan ir-rajeem
Bismillahi ‘r-Rahmani ‘r-Raheem
In order to determine if “Registered Education Savings Plans” is permissible you need to know two elements:
1. Is money going to be invested in permissible ventures
2. Is return fixed or not.
If money is invested in permissible ventures and if the returns are not fixed then “Registered Education Savings Plans” is permissible.
Imam Senad Agic
American Islamic Center – Chicago
Majlis #1 Head Imam (IABNA)
www.aicchicago.com
www.imamsenadagic.com
www.iabna.org
