The Ruling on Zakah from Money Saved for Basic Needs
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Q: I save a sum of money from my salary every month. Is zakah obligatory on this money? I save it to build a house for myself, and also to provide a bridal gift for marriage soon, if Allah wills.
I have been saving this money in a bank for years, as I have no other place to save it. The bank adds an amount to my account that does not belong to me, called interest, which is riba. Finally, I decided to withdraw my deposited money from the bank. I did not take the interest and left it with the bank; it is still in my name. Should I give it in charity, leave it with the bank, or what should I do? Should I give it to a family in great need of money because they have no provider, or give it to a charitable organization? Thank you for your excellence, and may Allah increase you in His favor.
A: Money saved for marriage, building a residence, or other purposes requires zakah if it reaches the nisab and a lunar year has passed over it, whether it is gold, silver, or paper currency. This is due to the generality of the evidence indicating the obligation of zakah on anything that reaches the nisab and a lunar year has passed over it, without exception.
As for placing money in interest-based banks, it is not permissible, because doing so assists them in sin and aggression. However, if there is an extreme necessity for it, it is permissible, but without interest.
As for the interest mentioned that is in the bank in your name without your stipulation, the stronger view is that it is permissible to take it and spend it in a charitable cause, such as for poor people in need or to install a bathroom, and similar beneficial projects for Muslims. This is better than leaving it for those who would spend it in other than a charitable cause, or in unlawful activities. You did well in withdrawing your money from the bank. May Allah increase us and you in guidance and success.
I have been saving this money in a bank for years, as I have no other place to save it. The bank adds an amount to my account that does not belong to me, called interest, which is riba. Finally, I decided to withdraw my deposited money from the bank. I did not take the interest and left it with the bank; it is still in my name. Should I give it in charity, leave it with the bank, or what should I do? Should I give it to a family in great need of money because they have no provider, or give it to a charitable organization? Thank you for your excellence, and may Allah increase you in His favor.
A: Money saved for marriage, building a residence, or other purposes requires zakah if it reaches the nisab and a lunar year has passed over it, whether it is gold, silver, or paper currency. This is due to the generality of the evidence indicating the obligation of zakah on anything that reaches the nisab and a lunar year has passed over it, without exception.
As for placing money in interest-based banks, it is not permissible, because doing so assists them in sin and aggression. However, if there is an extreme necessity for it, it is permissible, but without interest.
As for the interest mentioned that is in the bank in your name without your stipulation, the stronger view is that it is permissible to take it and spend it in a charitable cause, such as for poor people in need or to install a bathroom, and similar beneficial projects for Muslims. This is better than leaving it for those who would spend it in other than a charitable cause, or in unlawful activities. You did well in withdrawing your money from the bank. May Allah increase us and you in guidance and success.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.