Zakah on money saved for the purpose of housing

The questioner:
I have three sons, O long-lived one.

The presenter:
Yes, please, let us hear from you, Abu Khalid.

The questioner:
I have three sons who are saving money from their salaries, and some of it is from loans. Some of it has reached the lunar year of possession. The young men say that what applies to land prepared for housing applies to this. Because the money they are saving, we tell them, is for housing, God willing. So I do not know if zakah is due on it. May Allah reward you with good.

The presenter:
Thank you.

The Shaykh:
No, my brother, tell them that it is not permissible for them to withhold the zakah. Money is not like land. If the money reaches the minimum threshold for zakah and a lunar year of possession has passed over it, zakah becomes obligatory on it, regardless of the purpose for which its owner has set it aside—whether for marriage, building a house, trade, or anything else, or to pay off a debt. He must pay zakah on it, which is one-quarter of a tenth of the amount set aside. It is not permissible to withhold the zakah or delay it past its due time. Yes.