• Prayers & Duties >> Zakat & Charity

    Question ID: 24840Country: India

    Title: I have Mutual funds which are meant to save tax and they can not be withdrawn until minimum 3 years are passed. Their amount based on return on investment is likely to change every year. It usually go up. Whether i have to pay zakaat on all of the amount every year or only in the year when i withdraw the amount or only in the year when i deposited the amount. Pls help

    Question: AsSalamAlekum, I have Mutual funds which are meant to save tax and they can not be withdrawn until minimum 3 years are passed. Their amount based on return on investment is likely to change every year. It usually go up. Whether i have to pay zakaat on all of the amount every year or only in the year when i withdraw the amount or only in the year when i deposited the amount. Pls help. Wassalam

    Answer ID: 24840

    Bismillah hir-Rahman nir-Rahim !

    (Fatwa: 1369/1369/M=1431)

    If you own amount equal to nisab or more each year, then each year zakah shall be wajib though the amount is deposited in fund etc or invested in a business. However, the payment of zakah shall be wajib when it will come in your hands, then you will have to pay the zakah of all the years. However if you keep on paying the zakah of each year, it is also alright.

    Allah (Subhana Wa Ta'ala) knows Best

    Darul Ifta,

    Darul Uloom Deoband, India