It is well known that zakah is mandatory on those who are in possession of 7.5 tola of gold or 52.5 tola of silver. I wish to know whether a person who is not having above mentioned ornaments but he has made some savings and taken insurance policies, will have to pay zakah on his savings.
Answer
(Fatwa: 1089/912/B=1433)
If the amount deposited in saving or insurance policy is equal to 52.5 tola silver i.e. 26 or 27 thousand or more, then zakah shall be wajib on savings as well.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband