Zakaat on pension fund
Question
I will be leaving my employer and would like to know how to calculate the zakaat on my pension fund withdrawal. I have worked at the current place for 4-5 years. Should I calculte zakaat on the value as it is on my last day or do I need to go back, work out the values on each year and then calculate zakaat on each year?
Answer
You will pay zakaat for the last year only.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Ebrahim Salejee (Isipingo Beach)
Where scholars differ, it’s safer to take the more cautious view.
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/8514
Fatawa SA: https://fatawa.co.za/fatwa/muftionline-8514
People also ask
Is zakaat payable on pension, provident fund or retirement annuity?
“We've previously answered an inquiry regarding Zakat on voluntary retirement savings plans where the employer also contributes. For details, kindly see Ask Imam #29670.”
Ask Imaam · 41 fatawa from 7 Darul Iftas on this
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Jamiat KZN23 Dec 2014Zakaat on pension fund withdrawalI intend leaving my employer at the end of the year for another employment, inshAllah. How do I calculate my…
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Azaadville4 Oct 2023Zakaat On A Pension FundIt is compulsory for employees to invest a portion of their salaries in a Pension Fund. After retirement…
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