I have some questions regarding payment of Zakah. Please clarify them for me.
1. Last year I saved $ 40,000 and paid my Zakah according to the law of the land. I have not used this amount still and have saved another $10,000. Do I need to pay Zakah on the accumulated amount (i.e. $50,000) or only on the new saving (i.e. $10,000)?
2. I have a provident fund scheme in which my employer contributes 15% and I contribute 5% from my monthly salary towards this fund. The purpose of this scheme is to accumulate money that will be given to me upon retirement or upon termination of my contract with the company. I have limited access to this fund i.e. it is under the control of employer but I am given a chance of borrowing 75% of this fund if I intend to construct a house. Do I really need to pay Zakah on the amount of this fund from my pocket? If so, do I need to pay the Zakah annually?
3. According to my country’s rules, I can only buy a piece of land if I can pledge some money in the bank that will be released when I have finished laying the foundation of the house. Thus, I have blocked some money in the bank and for many reasons the house could not be built and the bank still has the money. Do I really need to pay Zakah from my pocket on the money pledged with the bank? If so, do I need to pay on the same fund annually?