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Emergency funds

Fatwaa ID: 568

Question:
As salam wa alykum,

I have started an emergency fund and I put money every paycheck into it. I use it in case of a financial emergency, etc. Do I have to pay zakat on this amount of money?

Answer:
In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

All forms of savings including “emergency funds” are subject to zakaah. When calculating your wealth for zakaah, you will add the funds in reference.


And Allaah Ta’aala knows best.
Mufti Muajul I. Chowdhury
Darul Iftaa New York
https://askthemufti.us/

07/18/1444 AH – 02/09/2023 CE | AMG3-3341

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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