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Fatwa CenterPaying Zakah on company's savings plan
Question
Do we have to pay Zakah on the company's savings plan?
Answer
Praise be to Allah, the Lord of the World; and may His blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.
If you are compelled to join the saving plan, then you are not subject to give Zakah unless you receive your right. Not having control on your money means that it is not under your possession whereas the Zakah is compulsory only on the belongings of a person.
However, if the deduction in such a scheme is from your own choice, then every year you should pay the Zakah of that money since it is like deposited money.
Allah knows best.
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