The minor's funds held in the bank: are they subject to zakah?
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Fatwa number ( 21467 )
Q: I have an orphaned nephew whose father passed away some time ago. This orphan has not yet reached the age of maturity, and he receives a pension because his father was an employee. My father used to disburse this pension and record it as a debt on himself, meaning on my father, to be paid when the boy reaches maturity. We also undertake to pay it, but more than two years ago, I forbade my father from taking this amount and instead had it deposited in a bank in a special account for this boy, which I will pay to him when he grows up. My question is: First: Is there zakah on this amount held in the bank, and how is it calculated, given that it is in the form of a monthly salary? Second: Regarding the money my father disbursed and undertook to pay, which we pay if he cannot afford it, knowing that my father has limited income and a large family, is there zakah on it if we pay it and take it from him? Third: If there is zakah on all the money, both the first and the second, how do I pay it out, and I
I am not sure of the month in which this amount was held in the bank in a special account? Please advise us, may Allah preserve you and have mercy on your parents .
A : It is obligatory for the guardian of the orphan to pay the zakah on his money if it reaches the nisab or more and a lunar year has passed over it, by paying one quarter of a tenth (2.5%), whether this money is deposited for him in the bank or is in the debt of your father. Please note that it is not permissible for your father to take anything from it as a loan, because it is a trust in his possession. He must preserve it. Therefore, your father must return the money of this orphan that is in his debt and preserve it for him until he reaches puberty with maturity, and then pay him his money. If this money comes in monthly, the most cautious and easiest method is to designate a month of the year in which he pays the zakah on the whole amount, up to the same month of the following year. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: I have an orphaned nephew whose father passed away some time ago. This orphan has not yet reached the age of maturity, and he receives a pension because his father was an employee. My father used to disburse this pension and record it as a debt on himself, meaning on my father, to be paid when the boy reaches maturity. We also undertake to pay it, but more than two years ago, I forbade my father from taking this amount and instead had it deposited in a bank in a special account for this boy, which I will pay to him when he grows up. My question is: First: Is there zakah on this amount held in the bank, and how is it calculated, given that it is in the form of a monthly salary? Second: Regarding the money my father disbursed and undertook to pay, which we pay if he cannot afford it, knowing that my father has limited income and a large family, is there zakah on it if we pay it and take it from him? Third: If there is zakah on all the money, both the first and the second, how do I pay it out, and I
I am not sure of the month in which this amount was held in the bank in a special account? Please advise us, may Allah preserve you and have mercy on your parents .
A : It is obligatory for the guardian of the orphan to pay the zakah on his money if it reaches the nisab or more and a lunar year has passed over it, by paying one quarter of a tenth (2.5%), whether this money is deposited for him in the bank or is in the debt of your father. Please note that it is not permissible for your father to take anything from it as a loan, because it is a trust in his possession. He must preserve it. Therefore, your father must return the money of this orphan that is in his debt and preserve it for him until he reaches puberty with maturity, and then pay him his money. If this money comes in monthly, the most cautious and easiest method is to designate a month of the year in which he pays the zakah on the whole amount, up to the same month of the following year. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.