Zakat on Pensions – Determining a Proxy

This report outlines the juristic precedence in determining proxies for the Zakatable assets held in pension funds as well as the findings and the recommendations for Muslim pension fund members in the United Kingdom for calculating their Zakat liability. A four-month project in determining reasonable proxies for the various types of pension funds was undertaken at National Zakat Foundation Worldwide by Mufti Faraz Adam. Pension funds were categorised based on Shariah compliance. Thereafter, the pensions were further categorised depending on their asset allocations. The twenty most common pensions for each dominant asset allocation were reviewed. The weighted average was determined for the data sets. Our findings, results and recommendations can be read in the following report: 

 

Zakat on Pensions Determining a Proxy

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