Q. Is it permissible to invest in an institution and save towards receiving a pension at a certain age? If so, what institution is recommended?
A. Yes, it is permissible to invest in an institution in order to save towards receiving a pension. However, it is a condition that what you expect to receive will be based on investments which have been made in Halaal products, or a company that deals in Halaal business, and that the returns are not based on interest.
You can search for an institution or business venture that fits the description of what I have mentioned.
And Allah knows best.
Mufti Waseem Khan
This answer was collected from DarulUloomTT.net, which is operated under the supervision of Mufti Waseem Khan from Darul Uloom Trinidad and Tobago.