Imam Ilyas Sidyot

Questions and Answers

Question: 016

Salam Alukum Sheik, How are you, pray for Allah to be in good conditions yourself and the family.

My name is Mohamad and I live in Lloyd minster , I am sending you my question regarding the Registered Education Savings Plans (RESP) for kids.

I asked you this question while you were here in town and you requested me to email you about this topic. It is a saving program controlled by the goverment through a provider (private company or bank) where you pay monthly (say $100 per month) and they save the money for your children till the kid is at the university age. The govermnet contributes to this saving plan and the provided invests the money.

So my question is : Is it Halal or Haram to involve in such program. I am attaching a link from Human Resources and Skills Development Canada. http://www.hrsdc.gc.ca/eng/learning/education_savings/public/resp.shtml

http://www.canlearn.ca/eng/saving/resp/index.shtml

Thank you shiekh and jazak Allah khayran. May Allah accept our good deeds in these best 10 days of dul hijah and eid Adha mubarak.


Answer:

Respected Brother/Sister in Islam

As Salaamu Alaykum wa Rahmatullahi Wa Barakaatuh

Haamidaw wa Musalliyaa

Your query below refers;

If the money is invested in permissible ventures and the returns are not fixed in that they fluctuate in proportion to the profits received then this will be permissible.

Unfortunately it is difficult for us to comment further and more conclusively as we do not have the details on these investment ventures etc. In this regard it will be best and safest to refer to the senior, experienced and pious Ulama in your country who will definitely be in a better position to research and guide you accordingly.

And Allah Ta'ala Knows Best

Was Salaam

M.D. Mangera (Mufti)                                 
Fatwa Dept. 

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