Is zakat due on retirement money that we have no access to till we reach the retirement age? Also, is zakat due on the value of land or houses we buy but do not live in ourselves?

-- Farah Mustafa (fmustafa@uaeu.ac.ae), November 05, 2004

Answers

Zakat on retirement money is levied upon withdrawal or when you reach the retirement age. At that time you have a full ownership of the asset (mulkut-tamm). Zakat is not levied on fixed assets such as buildings, houses and land except it is commercialised and produces income.

-- Fakhrurrazy Ariff (razy@zakat.com.my), November 05, 2004.