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Permissibility Of 529 Accounts
I have two kids and I want to set up their 529 accounts. Some of the shariah compliant portfolio websites consider it haraam as Vanguard, fidelity, Schwab offers these accounts but their portfolios have mutual funds consisting of financial institutions (BoA, JP Morgan, Visa and Mastercard) that deals with riba. We can’t hold individual securities in 529 accounts. The other type of accounts don’t offer tax benefits.
What is your opinion on 529 account
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1 Reply
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Permissibility Of 529 Accounts
updated 4 years, 9 months ago
2 Members
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If you’re not given a chance to select individual investments then there’s no sin upon you in taking advantage of a benefit provided to you by your state.
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