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Fatwa ID: 79381
Title: RRSP MONEY FOR ZAKAT
Category: Poor-due or obligatory charity (Zakaah)
Scholar: Dr. Main Khalid Al-Qudah
Date: 07/10/2009

Question

Salem alikoum, Brothers please help. Can anyone tell me if i have to pay RRSP money for zakat. I work for a company from 1998 till 2004 when i left a company they ask me to open a locked account to put some money for retierement ( RRSP) THIS MONEY I HAVE NO ACCESS TO THEM TILL AGE 65 ( RETIEREMENT) THIS Money are not my yearely income, or my saving. I have no controle for them till age 65. I know how much i have it's about $ 6000.00 do i have to pay zakat every year from them? Salem Ali


Answer

AAWW

 

   If none of the money is accessible at all, then you do not have to pay Zakah on it until you have an access to it, unless you want to pay Zakah-out of your own will- for more reward and blessing.

However, once you get the money, you need to pay Zakah for the past years based on a 2.5% Zakah rate, if the money was being invested during this long period of time (which is most probably the case). But if the money was saved only without being invested, then you need to pay 2.5% as a one time Zakah payment.

May Allah purify your soul and your earning.