Below, please find the summary of the Islamic Economic Forum’s Declaration on Bitcoin: Islamic Economic Forum (IEF) is a specialized group on WhatsApp founded by Sheikh Muhammed Khalid Hasani from […]
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 a person owes Zakat to a retirement account but does not have the cash liquidity to pay from their available wealth?
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 […]
Scholars who contend that one must pay Zakat on restricted accounts hold that one can, in fact, withdraw from a restricted account, even if one incurs a penalty, fees, and […]
Scholars differ in their opinions on this topic:Some scholars say, no Zakat due if the account imposes restrictions and penalties on one’s use and withdrawal of its funds arguing that […]
Yes, if one has full, free access to the account.
The scholars have differed on zakah due on 401(k) and adopted four main opinions: 1. Some have considered the zakatable amount to be that after subtracting penalties and taxes that […]
The 401k structure itself is not problematic, rather the underlying investments are what determine permissibility from a religious perspective. You might consider checking with your company if they offer a […]