Zakat on money saved to buy a house

Answered according to Hanafi Fiqh by DarulIftaBirmingham

Zakat on money saved to buy a house

In the name of Allah, the most Beneficent, the most Merciful.

Answer

Zakat is compulsory upon a person who possesses the quantum of nisab (i.e. 612.35 grams of silver or 87.47 grams of gold or currency, wealth equivalent to that amount) for a complete lunar year; which is over and above his basic needs and also free from debts. (Raddul Muhtar p.171 v.3)

Zakat is obligatory on wealth, which remains in a person’s possession for a lunar year regardless of why they were held onto. (Raddul Muhtar p.179 v.3)

Keeping the aforementioned point in mind, we can derive that zakat is obligatory on wealth with the passing of one lunar year even if one was saving to buy a house.

Only Allah Knows Best

Mohammed Tosir Miah

Darul Ifta Birmingham

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