Assalaamu Alaykum,
I was hoping to get some advice on two issues:
- I have a stocks and shares Lifetime ISA, and am keeping it in cash for the moment. The LISA doesn’t attract interest, enjoys the 25% annual government bonus, and withdrawals (before the age of 60/for purposes other than purchasing a first home) are subject to a 25% government fee.
I realise that the last time my zakat anniversary came around, my LISA completely slipped my mind, but at the moment I’m not entirely sure what I should have paid on it. I was hoping to get some guidance on the relevant principles.
- I’m a revert, and my parents naturally don’t have detailed knowledge about what kinds of financial products are sharia-compliant, since of course it can be pretty nuanced stuff. My father opened a pension with Virgin Money under my name, but from his finances, with a view to helping me with my financial planning in the future.
Having had a very basic knowledge of halal investing in the past, I’ve sometimes managed to convince him to opt for sharia-compliant investments. However, I didn’t really investigate, and might have signed relevant documents (though I can’t remember) - I didn’t know very much about the status of conventional pensions at the time, and I also didn’t want to create a confrontational situation, since of course my father was trying to do something for my benefit.
Having recently learned a bit more about the issues with conventional pension schemes, I was wondering whether I should try and find out what type of pension this is, and if it turns out not to be halal, whether it would be incumbent on me to try and have it transferred to a sharia compliant scheme.
I’d greatly appreciate any guidance you can offer.
BarakAllahu fikum