Ruling on Using Retirement Benefits Received by a Bank Employee for Business

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Ruling on Using Retirement Benefits Received by a Bank Employee for Business

Financial Transactions,Rent,Ruling on Using Retirement Benefits Received by a Bank Employee for Business

Fatwa No :

82241

| Date :

0000-00-00

Fatwa No : 82241
Ruling on Using Retirement Benefits Received by a Bank Employee for Business

معاملات / مالی معاوضات / اجرت و کرایہ داری

Ruling on Using Retirement Benefits Received by a Bank Employee for Business

What do the honorable scholars and respected muftis say regarding the following issue?
1. My father was employed at a bank. After his retirement, he received a lump sum amount. If he now wishes to enter into a business partnership with someone, is it necessary for him to inform his business partner that this wealth was received from the bank?
2. And if I want to start my own business using this money, is it permissible for me to do so or not? Kindly provide a response in the light of the Qur’an and Sunnah.

الجوابُ حامِدا ًو مُصلیِّا ً

Employment at a bank and the salary received from it—both are considered impermissible (haram) according to Islamic law. Therefore, the questioner must completely avoid using such unlawful income for personal use or investing it in any business partnership. Ideally, if one has the determination, the entire amount should be given to the poor and needy without the intention of receiving reward (thawab). Otherwise, one may take a loan from a non-Muslim and repay that loan using this amount.

And Allah knows best
Darulifta Jamia Binoria Aalamia

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Ruling on Using Retirement Benefits Received by a Bank Employee for Business        
    
    Question:
    What do the honorable scholars and respected muftis say regarding the following issue?
1.	My father was employed at a bank. After his retirement, he received a lump sum amount. If he now wishes to enter into a business partnership with someone, is it necessary for him to inform his business partner that this wealth was received from the bank?
2.	And if I want to start my own business using this money, is it permissible for me to do so or not? Kindly provide a response in the light of the Qur’an and Sunnah.
    Answer:
    Employment at a bank and the salary received from it—both are considered impermissible (haram) according to Islamic law. Therefore, the questioner must completely avoid using such unlawful income for personal use or investing it in any business partnership. Ideally, if one has the determination, the entire amount should be given to the poor and needy without the intention of receiving reward (thawab). Otherwise, one may take a loan from a non-Muslim and repay that loan using this amount.