Is the retirement scheme (RB Wealth Retirement Annuity) compliant with the Shariah?

Answer

The retirement annuity scheme is a blatantly Haraam Riba scheme. Never become trapped in this evil riba scheme which offers a number of enticing rewards. This is shaitaan‟s way of trapping people into haraam. In lieu of a contribution of about R2 million in 15 years, the return will be R6 million. The extra R4 million will be riba.

A person who wishes for a retirement project, should save R5000 or whatever he wishes monthly. As soon as he has saved sufficient, he should buy a gold coin. The price of gold escalates continuously. However, a Muslim should not concern himself with his rizq during old age. Allah Ta‟ala has already predetermined one‟s rizq. It is gross Imaani deficiency to doubt the Razzaaqiyat (Providence) of Allah Ta‟ala and to resort to haraam schemes for securing rizq 10, 20 or 30 years later.