What is the argument for paying Zakat on restricted accounts?
The Fiqh Council of North America has ruled the following on this topic:If one’s due Zakat payment on such an account exceeds what one has the means to pay from […]
Is it permissible to pay Zakat ul Fitr in cash?
It is permissible to pay Zakat al-Fitr in cash if that is more beneficial to the recipient. There is no doubt that people’s need for money is greater than that […]
Are all IRAs restricted like the 401(k) with the same Zakat rulings?
No. Some IRAs (like Roth IRAs) have their contributions taxed and because of this are penalty-free; so they work differently than 401(k) and non-taxed IRAs. At age 59-and-a-half, after one […]
What if one owes Zakat on a retirement account that one can’t pay?
The Fiqh Council of North America has ruled the following on this topic:If one’s due Zakat payment on such an account exceeds what one has the means to pay from […]
Is Zakat owed on retirement accounts, such as a 401K?
Yes, if one has full, free access to the account.
How to pay Zakat on asset investments?
There are different rates of Zakat that apply to different types of assets. According to Imam Malik, Zakat is due on three types of assets only: “the produce of plowed […]
