IslamQA

I am working as Manager Finance/Business Dev in an Architecture firm. Please guide me how can the owner of the firm will pay Zakat. Will he pay the Zakat on profit earned? or Bank balances left at the year end? In profit of one year there are often accrued incomes which actually often not recieved. Guide me please.

Answered according to Hanafi Fiqh by Darulifta-Deoband.com
I am working as Manager Finance/Business Dev in an Architecture firm. Please guide me how can the owner of the firm will pay Zakat. Will he pay the Zakat on profit earned? or Bank balances left at the year end? In profit of one year there are often accrued incomes which actually often not recieved. Guide me please.

Answer

(Fatwa: 29/21=D)

 

The firm has to pay Zakah of the materials and cash money left with the firm at the end of year. Zakah will be liable as per 2.5%, whether it is the profit earned or it is the asset of the firm, both will be liable for Zakah.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

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

Find more answers indexed from: Darulifta-Deoband.com
Read more answers with similar topics:

More Answers…

Subscribe to IslamQA Weekly Newsletter

Subscribe to IslamQA Weekly Newsletter

You will receive 5 Q&A in your inbox every week



We have sent a confirmation to you. Please check the and confirm your subscription. Thank you!