Fatwa #2945616 June 2014United States of America
Zakat on shares, retirement funds.
Question
Q1) Last year i sold my home so i got my downpayment back which i invested in locally in some charities quartly i gain profit or loss. do i have to pay zakat on it.
Q2) From my employment i have the retirement funds which i will get at the age of 65. do i have to pay zakat on it.
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa rahmatullāhi wa barakātuh.
1) Please explain the nature of the shares in which you invested.
2) As you are not yet owner of the retirement funds, Zakat is not due on them.
And Allah Ta‘ālā Knows Best
Zameelur Rahman
Student Darul Iftaa
UK
Checked and Approved by,
Mufti Ebrahim Desai.