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Fatwa CenterRegistered Education Saving Plan in Canada
Question
Assalamo alay kum Mufti i am living in a westeren country where the govt offered a plane for the future kids education.the parants can pay certain amount of money per month up to eighteen years and the govt also can contribute up to 20%( roughly) i have a new born baby and i was thinking to buy such RESP(Registered Education Saving Plane) so guide me is this ok according to Quran and Sunnah. your brother in Islam
Answer
All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger. We ask Allaah to exalt his mention as well as that of his family and all his companions.
If what you meant by this plan is a kind of educational insurance, then all kinds of commercial insurances are forbidden, whether it is in education or health. For more benefit in this regard, please refer to Fatwa 81425.
Therefore, it is not permissible for you to buy this kind of insurance because it is forbidden to join such contracts.
Allaah Knows best.
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