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Zakaat on a retirement fund

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I have a retirement annuity. Do I discharge Zakaat on the capital amount or do I discharge on the maturity amount?

Bismillaah

A: Zakaat will be paid on the capital contribution since the rest is interest. And interest is supposed to be given in charity to some deserving person without the niyyat of thawaab.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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