Question Summary:
I am currently in the process of purchasing a property in the UK, the loan has been approved. …Secondly I have other savings in shares

Question Detail:

I am currently in the process of purchasing a property in the UK, the loan has been approved. I have savings,
which will be used for the deposit. Do I still pay zakaat on the savings in my possession? although this money will be used for the deposit?

Secondly I have other savings in shares, which are currently valued at less than purchase price is zakaat liable on this investment?

Answer :

In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatoh
1)      The basic rule of Zakaat is that if a person possesses the nisaab (i.e. 612.35 grams of silver or 87.479 grams of gold) or any currency that equals this amount of gold and silver above his basic needs, then once a complete lunar year has elapsed upon the wealth in his possession; Zakaat will be Waajib upon him.
Therefore, if one year has elapsed on your money (i.e. savings), then Zakaat must be executed regardless of where it will be spent in the future.
2)      We do not know which shares your are referring to. If you are referring to shares in the stock exchange, then we wish to point out that the acquisition of such shares is not permissible.
And Allah knows best
Wassalam
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In'aamiyyah
Detailed Research
1.debate on shares.pdf ( http://www.al-inaam.com/debate_on_shares.pdf )
2.Shares Appendix A.pdf (http://www.al-inaam.com/Shares_appendix_A.pdf )
3.Shares Appendix B.pdf (http://www.al-inaam.com/Shares_appendix_B.pdf )
4.Shares Appendix C.pdf (http://www.al-inaam.com/Shares_appendix_C.pdf )