Ruling on Participating in a Mutual Insurance Project with Financial Installments and Returning It with an Increase

Question:
He says: I do not have a stable job or a position in my country. The authority we are affiliated with has established a social mutual insurance project, the details of which are: a member pays an annual financial installment, and upon reaching the age of sixty, he is entitled to receive a sum of money many times greater than what he paid, or it is paid out upon the death of the participating member. Is participating in such a fund under these conditions considered lawful, or is it not permissible?

Answer:
This is not permissible; because it is riba (usury or interest). He gives them an installment, and they give him an increase... the installment that they dispose of, this is of the same kind as insurance that insures such and such; he is given such and such. They dispose of the installment, they benefit from it, and when the period has passed, they give him in return for that. Yes, this is not permissible. Yes.

The presenter : May Allah reward you with good, and may He do you good.