{"id":17512,"date":"2020-10-29T15:12:16","date_gmt":"2020-10-29T15:12:16","guid":{"rendered":"http:\/\/daruliftabirmingham.co.uk\/?p=17512"},"modified":"2020-10-29T15:12:16","modified_gmt":"2020-10-29T15:12:16","slug":"is-zakat-obligatory-on-iraretirement-accounts-that-you-dont-have-access-to-until-you-reach-a-specific-age","status":"publish","type":"post","link":"https:\/\/daruliftabirmingham.co.uk\/home\/is-zakat-obligatory-on-iraretirement-accounts-that-you-dont-have-access-to-until-you-reach-a-specific-age\/","title":{"rendered":"Is Zakat Obligatory on IRA\/Retirement Accounts That You Don\u2019t Have Access to Until You Reach a Specific Age"},"content":{"rendered":"

\n\tFatwa ID: 04321<\/strong><\/span><\/span>\n<\/p>\n

\n\tAnswered by: Imam Abdul-Malik Sheikh<\/span><\/span><\/strong>\n<\/p>\n

\n\t \n<\/p>\n

\n\tQuestion<\/u><\/strong><\/span><\/span>\n<\/p>\n

\n\t \n<\/p>\n

\n\tAsalaamu Alaikum. Quick question – I know I asked before but need to confirm:: IRA\/retirement accounts that you don’t have access to until you reach a specific age- need to be counted towards zakat or not?<\/span><\/span>\n<\/p>\n

\n\t \n<\/p>\n

\n\t \n<\/p>\n

\n\t\u0628\u0650\u0633\u0652\u0645\u0650 \u0627\u0644\u0644\u0647\u0650 \u0627\u0644\u0631\u0651\u064e\u062d\u0652\u0645\u0646\u0650 \u0627\u0644\u0631\u0651\u064e\u062d\u0650\u064a\u0652\u0645<\/span><\/span><\/span><\/strong>\n<\/p>\n

\n\tIn the name of Allah, the Most Gracious, the Most Merciful<\/u><\/strong><\/span><\/span>\n<\/p>\n

\n\t \n<\/p>\n

\n\t \n<\/p>\n

\n\tAnswer:<\/u><\/strong><\/span><\/span>
\n\t \n<\/p>\n

\n\tZakat becomes obligatory when the following conditions are met in a person:<\/span><\/span>\n<\/p>\n

\n\t1- Being in a state of Islam
\n\t2- Maturity (not obligatory on children)
\n\t3- Sanity
\n\t4- Possession of Nis\u0101b
\n\t5- And the Nis\u0101b being in one’s Poseidon for a full lunar year<\/span><\/span>\n<\/p>\n

\n\tIn addition to the above, the following conditions need to be met with regards to the wealth:<\/span><\/span>\n<\/p>\n

\n\t1 – Ownership. Zakat is not obligatory on wealth on does not own
\n\t2- Ability to use the wealth
\n\t3- Growth
\n\t4- Excess over basic needs<\/span><\/span>\n<\/p>\n

\n\tMy understanding is that the IRA is a type of investment plan in which there is growth and a person with such a plan has legal ownership of the saving even though he is unable to withdraw the money before a certain time without incurring a financial penalty. Therefore, Zakat will be due every year as long as the total amount meets the Nisab threshold.<\/span><\/span>\n<\/p>\n

\n\tReference:<\/strong>
\n\tBada’i al-Sana’i, Vol.2 p.10, Dar al-Kutub al-Ilmiyyah<\/span><\/span>\n<\/p>\n

\n\t \n<\/p>\n

\n\t \n<\/p>\n

\n\tOnly Allah knows best<\/span><\/span>\n<\/p>\n

\n\tWritten by Imam Abdul-Malik Sheikh<\/span><\/span>\n<\/p>\n

\n\tChecked and approved by Mufti Mohammed Tosir Miah<\/span><\/span>\n<\/p>\n

\n\tDarul Ifta Birmingham<\/span><\/span>\n<\/p>\n

\n\t \n<\/p>\n

\n\t <\/p>\n","protected":false},"excerpt":{"rendered":"

Fatwa ID: 04321 Answered by: Imam Abdul-Malik Sheikh   Question   Asalaamu Alaikum. Quick question – I know I asked before but need to confirm:: IRA\/retirement…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[],"_links":{"self":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts\/17512"}],"collection":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/comments?post=17512"}],"version-history":[{"count":3,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts\/17512\/revisions"}],"predecessor-version":[{"id":17548,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts\/17512\/revisions\/17548"}],"wp:attachment":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/media?parent=17512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/categories?post=17512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/tags?post=17512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}