The ruling on zakah in money saved for children until they grow up
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السؤال:
You say: We have some money in the bank amounting to approximately one thousand seven hundred dinars, which is part of what our father left for me and my brothers. We do not deal with this money, and it remains in the bank until we and our younger brothers grow up, and then we give it to them. Is zakah obligatory on this money? And what is the amount of money on which zakah becomes obligatory?
So the obligatory
It is obligatory for the guardian of the minors, and for the adults, to pay the zakah. It is not permissible for this money to remain in the bank. It should be given to someone who will trade with it, investing it so that it grows. It is not permissible for the bank to deal with it through usury with a fixed interest rate, such as five percent or ten percent; this is not permissible. However, it should not remain in the bank. Rather, it should be given to trustworthy people, to some trustworthy individuals, who will deal with it, trading with it for a quarter of the profit, half of the profit, or a third of the profit, meaning: a known undivided share. This is not a problem. This is a mudarabah (profit-sharing partnership) that is not a problem. So if the money is given to a trustworthy person who trades with it for half the profit, or a third, or a quarter, or something similar, this is better than letting it sit in the bank where it is diminished by zakah, and the minors do not benefit from it, and it is not permissible for the bank to deal with it through riba (usury). But the guardian of the minors takes the money and places it in the hands of a trustworthy person who invests in it and trades for half the profit, or less, or more, meaning: a known undivided share.
And the minimum nisab (threshold) is what is equivalent to twenty mithqals of gold, or forty-two mithqals of silver. This is the minimum nisab. What is equivalent to this in gold and silver, or in trade goods, has zakah in it. It is what is equivalent to twenty mithqals of gold, which is approximately ninety-two grams minus a small fraction. This is called a nisab.
And likewise, what is equivalent to one hundred and forty mithqals of silver is called a nisab. So what is equivalent to this or more is called a nisab, and it has zakah in it if a lunar year has passed over it. Yes.
The presenter : May Allah reward you with good.
You say: We have some money in the bank amounting to approximately one thousand seven hundred dinars, which is part of what our father left for me and my brothers. We do not deal with this money, and it remains in the bank until we and our younger brothers grow up, and then we give it to them. Is zakah obligatory on this money? And what is the amount of money on which zakah becomes obligatory?
So the obligatory
It is obligatory for the guardian of the minors, and for the adults, to pay the zakah. It is not permissible for this money to remain in the bank. It should be given to someone who will trade with it, investing it so that it grows. It is not permissible for the bank to deal with it through usury with a fixed interest rate, such as five percent or ten percent; this is not permissible. However, it should not remain in the bank. Rather, it should be given to trustworthy people, to some trustworthy individuals, who will deal with it, trading with it for a quarter of the profit, half of the profit, or a third of the profit, meaning: a known undivided share. This is not a problem. This is a mudarabah (profit-sharing partnership) that is not a problem. So if the money is given to a trustworthy person who trades with it for half the profit, or a third, or a quarter, or something similar, this is better than letting it sit in the bank where it is diminished by zakah, and the minors do not benefit from it, and it is not permissible for the bank to deal with it through riba (usury). But the guardian of the minors takes the money and places it in the hands of a trustworthy person who invests in it and trades for half the profit, or less, or more, meaning: a known undivided share.
And the minimum nisab (threshold) is what is equivalent to twenty mithqals of gold, or forty-two mithqals of silver. This is the minimum nisab. What is equivalent to this in gold and silver, or in trade goods, has zakah in it. It is what is equivalent to twenty mithqals of gold, which is approximately ninety-two grams minus a small fraction. This is called a nisab.
And likewise, what is equivalent to one hundred and forty mithqals of silver is called a nisab. So what is equivalent to this or more is called a nisab, and it has zakah in it if a lunar year has passed over it. Yes.
The presenter : May Allah reward you with good.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.