Is it permissible to invest in Cryptocurrencies, specifically Bitcoin?
Below, please find the summary of the Islamic Economic Forum’s Declaration on Bitcoin: Islamic Economic Forum (IEF) is a specialized group on WhatsApp founded by Sheikh Muhammed Khalid Hasani from […]
Are all IRAs restricted like the 401(k) with the same Zakat rulings?
No. Some IRAs (like Roth IRAs) have their contributions taxed and because of this are penalty-free; so they work differently than 401(k) and non-taxed IRAs. At age 59-and-a-half, after one […]
What if a person owes Zakat to a retirement account but does not have the cash liquidity to pay from their available wealth?
The Fiqh Council of North America has ruled the following on this topic:If one’s due Zakat payment on such an account exceeds what one has the means to pay from […]
What is the argument for paying Zakat on restricted accounts?
Scholars who contend that one must pay Zakat on restricted accounts hold that one can, in fact, withdraw from a restricted account, even if one incurs a penalty, fees, and […]
What if the 401(k) account imposes restrictions and penalties if withdrawn prematurely?
Scholars differ in their opinions on this topic:Some scholars say, no Zakat due if the account imposes restrictions and penalties on one’s use and withdrawal of its funds arguing that […]
Is Zakat owed on retirement accounts, such as a 401(k)?
Yes, if one has full, free access to the account.
Do we pay Zakat on 401k before the due date matures?
The scholars have differed on zakah due on 401(k) and adopted four main opinions: 1. Some have considered the zakatable amount to be that after subtracting penalties and taxes that […]
Is investing in 401k permissible in Islam?
The 401k structure itself is not problematic, rather the underlying investments are what determine permissibility from a religious perspective. You might consider checking with your company if they offer a […]
