Old mutual annuity fund

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: This question is regarding and old mutual annuity fund.

1.) Am I allowed to use the profits from this fund?

2.) If not, can I use the profits from this fund for renovations or Building a room for my domestic workers?

3.) What other options do I have in using these profits?

Bismillaah

A:

1. To us it appears as an institution of riba. Hence, the profits cannot be used.

2. No.

3. Give it out in sadaqah without the niyyat if thawaab.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

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