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Zakat liable on a fixed amount of a retirement scheme? |
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Question:
Is an employee that invests a fixed amount of income into a retirement scheme which cannot be withdrawn, except by loan which is to be paid back plus interest, or cannot be used before 15, 20, or 25 years, liable to pay Zakat on this?
Answer:
As long as the person does not receive the amount, Zakat is not payable on it. Once he services the money, even after fifteen years, or on his retirement, he has to pay Zakat after the expiring of one year on the said amount.
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