Wednesday, 04 January 2017 20:30

Is it permissible in Islam to apply for Registered Education Savings Plan (RESP)?

Question:

As salaamu ’alaykum,

Is it permissible in Islam to go for Registered Education Savings Plan (RESP)?

Answer:

بسم الله الرحمن الرحيم

الجواب حامدا ومصليا ومسلما

Wa ‘alaykum as salaam wa rahmatullahi wa barakaatuh,

From what we understand, RESP is an account in which the parents put money in for their children's education and based on how much money they put, the government also contributes to it. Since nothing in this violates the rulings of Shari'ah, it would be permissible to apply for RESP.

والله اعلم

And Allah subhanahu wa ta'ala knows best.

Mahmood Memon

Approved by Mufti Husain Ahmad Madani

 

 

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