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Zakaat on the Payout received from a Provident-fund, Pension-fund or Retirement-fund

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: Is zakaat waajib on the payout received from a provident-fund, pension-fund or retirement-fund?

Zakaat on the Payout received from a Provident-fund, Pension-fund or Retirement-fund

A: If the employee willfully invests his money in the fund or commanded the company to invest it on his behalf or consented to the investment, then in all these situations zakaat will be waajib on the payout received. Zakaat will be waajib for the current year as well as the previous years. However, if the employer deducted a certain percentage of the employee’s salary without his consent, then zakaat will not be waajib on the payout received for the previous years.

(و) البيع الباطل ( حكمه عدم ملك المشتري إياه ) إذا قبضه ( فلا ضمان لو هلك ) المبيع ( عنده ) لأنه أمانة وصحح في القنية ضمانه قيل وعليه الفتوى (شامى 5/59)

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

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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