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