I have invested in Heera Gold a Hyderabad based private company, for which the profit is calculated after every 14 months. As of my knowledge the profit is divided in to 3 parts not equally, one part goes to investor, one part goes to the welfare of backward muslim womens and one part to company, I dont know the exact calculation on how it is divided.
My question is …
Do I still have to pay Zakat on my profit.
Will Zakat applicable on both, the amount invested and the profit received.
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuhu
We understand that you have invested in actual gold bullion based on the information received via Heera Gold’s website. Therefore, one is obligated to pay Zakaat on the amount invested provided the gold reaches the Nisaab (quantum) of gold. The Nisaab of Zakaat for gold is 20 Mithqals or 87.479 grams.
One is also obligated to pay Zakaat on the profit/dividends accrued based on one’s personal financial condition.
And Allah Ta’āla Knows Best
Checked and Approved,
Mufti Ebrahim Desai.
This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.