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Is There No Zakat On Savings For A Specific Obligation
If there is no Zakat on savings for specific obligations, such as, child’s education or wedding, wouldn’t saving for retirement be a similar obligation on a person.
So, it seems like there may not be Zakat if moderate amount of money is saved for a specific and essential purpose, but any excessive savings without any specific and essential purpose in mind may incurr Zakat obligation.
Could this be true?
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1 Reply
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Is There No Zakat On Savings For A Specific Obligation
updated 14 hours, 21 minutes ago
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As a principle, all items of personal use are exempt from Zakat and this extends to genuine savings made for specific personal needs i.e. Gold saved for daughter’s wedding, plot bought or savings made to construct a house for personal use only etc.
Savings made for any random future contingency will be considered savings and not exempt under personal use items.
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