" Zakat (Alms) " No comments

 Should I Pay Zakat for my Commited Savings?

My wife has joined college. I'm not taking loan to pay her fee. I have substantial savings which I'm planning to use for her education. All my savings will be used for paying her fees in next 3 years. I would actually end us paying some loan too. Do I have to pay zakat on this saved money which I have committed for my wife's education (knowing that it will be less than total tuition and I'll end up getting some loan)

Answer:

Assalamu alaikum wa rahmatullah wa barakatuh,

Dear Brother,

First of all, we commend your efforts on getting well-acquaintant with Islamic teachings and implore that Allah, the Most High (swt) grants you with all the best. We also congratulate your support for your wife’s education.

Dear Brother,

You have savings and you intend to spend it for your wife’s education which will end it up in 3 years. In Islamic fiqh of zakat;

A Muslim is obliged to pay zakat on the conditions that he is free, he has reached puberty and he possesses property of nisab value for a full lunar year, excluding his basic necessities and debts.

So, if a Muslim made a purchase and got into debt, then his debt is deducted from his wealth while calculating the zakat amount. However, if he has planned to buy something, but not bought yet, then he is still the possessor of the money, so he should give the zakat for it; because, the purchase hasn’t been made yet and he is not in debt yet. His plan for the purchase is just an intention and it doesn’t change the fact that he is the owner of his money.

Dear brother, it is the same for your case. You plan to spend your savings for your wife’s education, but the fact remains that you haven’t spent it yet and you are not in debt yet. Thus, it is incumbent upon you to pay zakat for it. We hope that Allah, the Most Generous (swt) will bestow you and your family barakah, blessings and prosperity for implementing His blessed command, zakat.

If you have any further question about this issue or any other, please feel free to ask. We are here to assist you as best as we can.

 Best Regards!... Kaynak: http://askaquestionto.us - Should I Pay Zakat for my Commited Savings?

Ask a Question to Us Team