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Are we allowed to save up for pension (from an Islamic point of view)?

Pension fund is one optiion, this means funds are deucted from your salary and also your employer will make the same contribution. There is nothing wrong with this kind of pension, as when you receive back the pension benefits, it is merely your own money - if you see what I mean. As for the contribution from employer this is considered a gift (hiba), so perfectly OK.

What is important that this is not insurance premiums whose return is based on external factors or events and is a form of gambling and interest is involve.However, the only probelm is that the money should not be invested in haraam businesses, like alcohol, banks and so on. Very few companies provide halal investments, but they are very rare. NHS may provide a halal funds, but not sure. If this can't be avoided then the return you must get from pension, in x years must equate exactly what you put into it, i.e. money deducted from your salary and contribution made by employer. The access would be considered a form of interest as this has been invested in haraam business.


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