As Salaamulaykum respected Mufti Saheb,
I took out a few retirement annuities (RAs) some years back, on the advise of my accountant, in order to lessen my tax burden. Now that I am more Deeni conscious, i have transferred these funds to a Sharia compliant RA (Oasis).
I still do not have access to the funds. My total contribution was just under R100 000, and the amount the insurance company paid into Oasis was over R300 000. There is an excess of just over R200 000.
I inquired how they had invested the money, they responded: 65% was in equities, 25% in interest bearing investments, 10% in property.
i am concerned how I should deal with the ‘excess’ money that is in my RA account. I cannot withdraw now, until retirement (9 years more, Insha Allah), but I need to record exactly how the money will be distributed at that time, or prior, in the event of me passing away before then.
In need of your Duas.
Salaams and Regards