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| Fatwa ID: | 2113 |
| Title: | Paying zakah on a retirement fund |
| Category: | Fasting |
| Scholar: | Dr.Waleed AlMeneesey,Phd |
| Date: | 10/17/2006 |
Question
A regular employee whose employers saved a sum of money for him every month until when he retires he takes it and withdraws it from the department where he works: does he have to pay zakah on this? And should he pay zakah for all the years past or only for this year?
Answer
In the Name of Allah, the Beneficent, the Merciful,
All praise is due to Allah, the Lord of the Worlds, and may peace and blessing be upon the Last of the prophets, upon his household and all of his companions. To proceed:
No zakah is due until he claims this retirement money. At that time, he will begin to count a new Islamic lunar year from the date he receives the money. Then, after a year has passed, he will pay its zakah, as long as it has not fallen below the minimum legal amount (nisab) during the year. That said, all praise is due to Allah, the Lord of the Worlds, and Allah is the Source of all success.
Walid Idris al-Manisi
Member of the Permanent Fatwa Committee,
