Retirement Policy
Question
If we have a retirement annuity and it will only be accessible in about 5 years time, do we have to take out Zakaat on the annuity?
Answer
If the policy is an involuntary policy which was enforced upon by one’s employer, then Zakaat will only be due upon maturity. However, if the policy was a voluntary policy which the subscriber voluntarily subscribed to, then Zakaat will be due on a yearly basis on one’s stipulated Zakaat date.
- Answered by
- Mufti Mohammed Desai Saheb
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