IslamQA

Zakaat on Funds kept for children in Unit Trust / Bank.

Answered according to Hanafi Fiqh by DarulUloomTT.net

Question:

A person has money in the Unit Trust / Bank for her children on her name. Does she have to pay Zakaah on it?


Answer:

Yes, this person must pay Zakaah on the money which she has in the Unit Trust / Bank when it reaches the Nisaab. Although it may be for her children, she is still considered to be its owner until she delivers it officially to the children.

And Allah knows best.
Mufti Waseem Khan

This answer was collected from DarulUloomTT.net, which is operated under the supervision of Mufti Waseem Khan from Darul Uloom Trinidad and Tobago.

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