Opens in a new tab

Do I need to pay Zakat immediately, count Zakat on non-year-old cash/stock, inform the receiver of Zakat, and calculate Zakat on stock according to purchase rate?

I HAVE QUESTIONS RELATING TO ZAKAT: 1) IS IT NECESSARY TO PAY OFF ZAKAT AS SOON AS IT IS COUNTED OR IT MAY BE PAID OFF ROUND THE YEAR? 2) IF I HAVE GOT CASH OR STOCK WHICH IS NOT ONE YEAR OLD, DO I NEED TO COUNT ZAKAT ON THAT AMOUNT? 3) IS IT NECESSARY TO INFORM THE RECIEVER, THE AMOUNT IS FROM ZAKAT? 4)IS IT O.K. IF I CALCULATE ZAKAT ON STOCK ACCORDING TO PURCHASE RATE AS THE SELLING RATE IS NOT CERTAIN. AND MOREOVER WHAT I EARN FROM THE STOCK WILL NATURALLY REFLECT IN MY CASH NEXT YEAR.

Answer:

(Fatwa: 1894/D=1491/D=1430)

(1) Calculate Zakah at the completion of one year, then pay Zakah in lump sum or bit by bit around the year, but delaying it unnecessarily is not right lest you should miss the same.

(2) If you already owe nisab, so you have to pay the Zakah of amount gained during the year with the nisab.

(3) It is not necessary to inform, rather you can give him in the name of gift.

(4) Give Zakah as per the market value of the stock at the time of completion of the year.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

Original Source Link

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

Tags: Zakaat

Link

Random Q&A

Can a woman cut her split ends

…

I divorced my wife 3. Is marriage to my wife permissible in any of the Madhabs without the need of getting a 3rd person to consumate the marriage?

…

Is it permissable to appear on a Instructional video?

…

Is Medical Treatment Between Opposite Genders Permissible?

…

Is giving mortgage advice Haram if it’s to help people and not for profit?

…

About 2 years ago I had very severe problems with doubts in taharah and salat. AlhamduLillah, these times are far away, and I feel myself much more comfortable. But unfortunately now I suffer from some new doubts which appeared recently. The first problem is regarding materials which doesn’t penetrate water. Before wudhu I’m in doubt whether there are some of them on my heels and near nails. For example, if I have few yarns stuck to my heels, I don’t know whether they are synthetic ones (which don’t penetrate water) or not. Because there are just a few yarns, I can’t advocate whether they penetrate water or not. Also sometimes I find hair stuck to my nails or heels, and again I’m in doubt whether it penetrates water or not. Also if I have some dirt, I’m also in doubt whether it contains some small amount of water-not-penetrating materials. So, my wudhu becomes quite a long procedure, where I try to look at my heels and nails thoroughly trying to remove all the dirt, yarns, stuck pieces of hair. The second problem is in washing my face. I know that we can’t wash one limb with water which was used for washing another limb. So the doubt is as follows: if washing the face my palms will touch hair, I start to think, that on my hands there is water which was used washing my hair, not the face, so I wash my hands, and continue washing the face with new water. The other problem is that I don’t know what part of eyes should I wash – I understand that we don’t need to wash eyes themselves, but what’s about the red area which is near roots of eyelashes (above, under, right and left to eyes)?

…