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Difference In Life Insurance, 401k And Saving Accounts
I want to know why it is halal if we get money from life insurance although they invest in banks and earn money from interest compare to saving accounts interest which is Haram. In both cases we do not give loan or invest. But in case of insurance it is halal if they get money from interest and in case of bank it is not halal. I want to understand what makes insurance money halal and saving accounts Haram. also 401k money all the investment options in 401k have some money that they invest in financial sector. So is it halal if my company provides 7 investment options in 401k and all the mutual funds that are provided invest in finanncial sector as well as other sectors. In this case contributing to 401k halal or not? Thanks
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4 Replies
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Difference In Life Insurance, 401k And Saving Accounts
updated 2 years, 11 months ago
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For comments of Ghamidi Sahab regarding difference btween Life Insurance and Bank Saving Accounts, please refer to the following two videos:
Please refer to the video below from 5:00 to 7:39
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Please also refer to the video below from 43:46 to 44:52
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In Ghamidi sahab’s opinion it’s halal to invest in 401k. If a company offers you a retirement fund in lieu of pension and doesn’t allow you to pick where your money gets invested then you’re not accountable for their investment decisions.
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JazakAllahu khair for replying so quickly. Now I understand the difference between bank saving account and insurance. Also 401k is clear as well.
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