The Ruling on Zakah from Money Saved to Build a House
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Q: From Abdul Aziz ibn Abdullah ibn Baz, to the honorable brother / M. M. (may Allah keep him safe), peace be upon you and Allah’s mercy and blessings, and after:
I refer to your inquiry to the Department of Scholarly Research and Ifta, number 3482, dated 26/7/1408 AH, which contains the following two questions:
First: I am a young married man working in the Kingdom of Saudi Arabia, and my wife works with me. We have three young children, and we do not have a house to live in. We have money here in Saudi Arabia, and we set aside a portion of our children’s expenses each month and deposit it in the bank so that we can accumulate a sum of money to buy land, and then build on it for ourselves and our children, knowing that we are in great need of this money. If the amount remains in the bank for a year, is zakah due on it or not?
A: Zakah is obligatory on amounts deposited in the bank or elsewhere for the purpose of building a residence, if they reach the nisab and a lunar year has passed over them, and the obligatory amount is one-quarter of one-tenth of it. May Allah guide everyone to what He is pleased with, and peace be upon you and Allah’s mercy and blessings.
The General President of the Departments of Research
Scientific, Ifta, Da'wah, and Guidance
I refer to your inquiry to the Department of Scholarly Research and Ifta, number 3482, dated 26/7/1408 AH, which contains the following two questions:
First: I am a young married man working in the Kingdom of Saudi Arabia, and my wife works with me. We have three young children, and we do not have a house to live in. We have money here in Saudi Arabia, and we set aside a portion of our children’s expenses each month and deposit it in the bank so that we can accumulate a sum of money to buy land, and then build on it for ourselves and our children, knowing that we are in great need of this money. If the amount remains in the bank for a year, is zakah due on it or not?
A: Zakah is obligatory on amounts deposited in the bank or elsewhere for the purpose of building a residence, if they reach the nisab and a lunar year has passed over them, and the obligatory amount is one-quarter of one-tenth of it. May Allah guide everyone to what He is pleased with, and peace be upon you and Allah’s mercy and blessings.
The General President of the Departments of Research
Scientific, Ifta, Da'wah, and Guidance
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.