Our Grow-Your-Savings investment accounts allow you to save money and earn a return in a halal tax-free way. The money you put into your Grow-Your-Savings account helps fund homes for all our customers. Since the money goes directly into properties that are rented to our customers, it is no longer zakat-eligible once utilised, just like if you were to own a property directly and rent it out yourself.
There may be occasions where we have not yet been able to fully utilise your funds in properties if your zakat date arises very soon after making payment. This is known as your unutilised funds - in these situations you will still have to pay some zakat on your unutilised funds.
Don’t worry, when the times comes, we’ll let you know how much of your savings we have utilised to fund homes, and therefore the figure to add into your zakat calculation (if any).