Question ID: 30928
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Assalaamu alaykum
Please advise me on the following with regard to Zakaat:
Is Zakaat payable on a voluntary retirement annuity. I am only entitled to the amount invested and the dividends received when I am 55 years old. The amount is invested in the Oasis Fund.
School A offers the staff a voluntary option to take out a retirement solution with Oasis. The employer pays R 200 and the employee R 200 every month. Oasis policy is that the money can be taken out when required by the employee, when a written reason is given. However, the money can only me taken out if it is less than R75 000. If the money and dividends received is more than R75 000 then the employee has to wait until he is 55 years old to access the funds. Is zakaat payable and on what amount?
Shukran

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Asked on November 16, 2012 12:04 pm
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Private answer
No Zakaat on this until received.
Zakaat payable on the amount which is under R75,000 - whatever it be.
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Answered on November 16, 2012 12:04 pm