The Ruling on Zakah for Money Saved to Buy Land or Build a House

Q: The brother / A. M. from Tunisia says in his question: My financial circumstances are weak, but I keep an amount in the bank (it is my life savings) that I intend to use to buy a piece of land or an old house, because I do not own a home for myself and my family. Is there zakah on this amount? What is its rate? And is zakah due on the furniture of the house, such as the television, video equipment, books, and magazines, or is it only the money and animals that are subject to zakah?

A: It is obligatory for you to pay zakah on the amount mentioned, every year, if it reaches the nisab.
The zakah is one-quarter of a tenth, which is two and a half percent of one hundred, and twenty-five out of a thousand, and so on.
Zakah is only obligatory on gold and silver, paper currency, and land, houses, clothing, vessels, and other items prepared for sale. As for items prepared for use, such as household vessels, bedding, sofas, and cars, and other things prepared for use, there is no zakah on them. May Allah grant success.
Note: It is not permissible for you to use what is in the bank in riba transactions. However, if it is merely a deposit, there is no harm in that if it is not possible to deposit it elsewhere. May Allah guide them all.