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Can we invest without taking interest for ourselves?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
Assalamualikum, In India Income Tax is deducted monthly from our monthly salary, So can we take any LIC/Mediclaim policy or investment scheme without the intention of taking interest from the corresponding policy & having the intention to pay the received interest to poor (means having the intention to save salary from IT deduction & not to take interest for self use)??? Kindly acknowledge. Jazakallahu khairan …

Answer

(Fatwa: 1476/1391=D/1429)

It is not allowed to take part in interest-based transaction with the intention of taking interest and distributing it among the poor. You should write in detail what the investment scheme is all about. Life Insurance, mediclaim polices consist of interest and gambling which are unlawful and haram. You should explain what means you want to adopt to save income tax.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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