Salary savings to buy flat

Answered according to Hanafi Fiqh by
Right now I saved 2, 50,000/- from my salary and we planned to built one more floor in my house before my marriage) by keeping this money and get loan (non interest) about 1, 50, 000 to build house and my salary is about 40,000 rupees per month working in Kuwait. So please tell me I should pay zakah for this amount or not and what is the min. amount required to give zakah.

بسم الله الرحمن الرحيم

(Fatwa: 1149/894/D=10/1434)

Zakah becomes fardh when one has cash equal to the price of 612 gram silver and it becomes wajib to pay 2.5% zakah on completion of the year. So pay 2.5% of the cash which you have. You will have to pay its zakah though you have saved it for your future requirement until it is in the form of cash with you. . But when it is spent in any need then zakah shall no longer remain wajib.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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