Question
A person has a voluntary pension fund towards which he contributes. His employer also contributes. What is the status of this saving for Zakaat purposes? The funds will be accessible only on retirement.
Answer
He has to pay Zakaat annually on the amount of his savings in the fund even if the money is not immediately accessible. There is no Zakaat on the amount contributed by his employer.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 28 No 08
- PDF page
- 7
Appears under GIRLS AND KUFR EDUCATION (approximate).