Zakat on money saved to buy a house
In the name of Allah, the most Beneficent, the most Merciful.
Answer
Zakat is compulsory upon a person who possesses the quantum of nisab (i.e. 612.35 grams of silver or 87.47 grams of gold or currency, wealth equivalent to that amount) for a complete lunar year; which is over and above his basic needs and also free from debts. (Raddul Muhtar p.171 v.3)
Zakat is obligatory on wealth, which remains in a person’s possession for a lunar year regardless of why they were held onto. (Raddul Muhtar p.179 v.3)
Keeping the aforementioned point in mind, we can derive that zakat is obligatory on wealth with the passing of one lunar year even if one was saving to buy a house.
Only Allah Knows Best
Mohammed Tosir Miah
Darul Ifta Birmingham
