Is a Lifetime ISA Halal or Haram? Explained in 2023

Lifetime ISA, or LISA, was introduced in 2017 to help people save for their first home or retirement. However, there has been an ongoing discussion within the Muslim community ever since its inception about whether the LISA is halal (allowed) or haram (forbidden) from an Islamic perspective.
To assess whether or not the lifetime ISA is a halal investment choice for Muslims in 2023, we will examine the idea of halal and haram in Islam, the fundamentals of Islamic finance, and the specific features of the LISA in this blog article.

Understanding Halal and Haram Investment Principles:

Investments that are halal and haram in Islam are determined by a set of guiding principles. These guidelines are founded on the more comprehensive definition of halal and haram in Islamic law, which covers all facets of a Muslim’s life, including their financial dealings.
Profit and loss sharing (PLS), in which both partners share the risks and rewards of the venture, is the foundation of halal investment concepts. This means that a fixed return should not be promised to the investor because that would constitute riba (usury), which is outright forbidden in Islam. Investors should strive to put their money into projects or businesses that benefit society and adhere to Islamic principles. Additionally, investments in companies that engage in activities against Islamic law, like gambling, pornography, alcohol, or tobacco, should be avoided.

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