Regarding the ruling of retirement account that could include stocks, bonds or mutual funds, Dr. Monzer Kahf, a prominent economist and counselor states that

‘bonds and options are not permissible, some stocks are permissible with conditions and some stocks are not permissible. Mutual funds depend on their investment if majority are permissible stocks they are permissible. In investment, in permissible stocks and mutual funds (where: main line of business is permissible and the non-permissible activities of the companies of the stocks are relatively small) there must be a purification process: estimating the percentage of non-halal and giving away to Muslim charity an equal percentage out of profits (=dividends plus capital gains).’