Wednesday, July 17, 2024
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Zakaah on savings to buy first house

Fatwaa ID: 2253

Question:
Slm
Have a query re:zakaat.

Busy saving money to buy our first house since we dont own a house.
The average price of a house is say about R1m in our area. We have saved thus far say R200,000 and this is specially to buy the house. We do not want to take a bank loan. In essence one can look at it as this R200,000 is part of our “essential” fund for a house.
Do we paY zakaat on the saved funds towards a house

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

May Allaah Ta’aala bless you with khayr and barakah.

All forms of savings, irrespective of purpose or reason, are subject to zakaah. In the enquired situation, the R200,000 that you saved to purchase your first house is subject to zakaah. You must add the R200,000 to your zakaah calculation. Allaah Ta’aala will surely place barakah in it and purify it from harms.

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

09/19/1445 AH – 03/30/2024 CE

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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