Published 9 years ago
Last updated 9 years ago
Q: I belonged to a Pension Fund at work however it was disbanded and I moved the monies to a retirement annuity. This money is only available to me at age of 55. I have been told that I need to pay zakaat on it annually. The amount is substantial and I cannot afford to pay this annually. Why do I have to pay zakaat if I am not able to use the funds until 55 years?
A: Refer to http://muftionline.co.za/node/50
And Allah Ta'ala (الله تعالى) knows best.
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