Tax Free Savings Account

Everyday Islamic Finance Personal and Family Finance
#1

AoA,

This is my first post on Islamicfinanceguru so apologies if I did not post in the right section.

In Canada we have a tax shelter account: Tax free savings account (TFSA) which we can invest into stock market, etc.

I would like to know can a TFSA account be considered permissible if it earns interest as any other savings acount?

Thank you

#2

Wa alaykum salaam,

Earning interest is not permissible. You should see if you can invest through a Shariah compliant platform instead.