Is khums payable on savings I have made for the future?

Yes.

There are some long-term savings which are for a specific use in the future, such as savings for a child’s marriage. Khums is liable on such savings as they are not used in that year.

However, if it is appropriate for a father to save for a particular cause, such as daughter’s marriage, and he would be deemed negligent and careless about his family and their future if he did not do so, then that particular saving will not be liable for khums.

The same applies to other long-term savings for expenses in the future, such as saving for a first residential home, provided the condition mentioned above is fulfilled.