Question:
Aslkm Mwl Sh H and team,
I am being retrenched from work(bank), and will be receiving a pension payout which the bank invested in money market account. The pension fund would comprise of interest capitalized, member’s contribution from salary and employer’s contribution.
I am the sole breadwinner, mom, sister and brother lives with me. My sister takes care of aged mom. Kindly advise whether I may utilize the pension funds as I will be unemployed and or formula (calculation) that needs to be applied. Shukran so much. wslm
Answer:
wa `alaykum salam,
Considering your situation there is nothing wrong with this kind of pension because when you receive back benefits of the pension there will be in it your own money from member’s contribution and from salary and employer’s contribution. All of that can be considered a gift (hiba) and as such acceptable.
Imam Senad Agic
Head Imam (IABNA)
The Islamic Association of Bosniaks in North America
American Islamic Center – Chicago
