Me and my husband own a company. The company on paper is on my name only due to technicalities. But mutual understanding is that 50% is owned by me and 50% is owned by my husband. This is a relatively new venture and this is the first time a significant amount of zakat has to be paid due to its inventory. The date on which zakat has to be paid, would it be the same one on which me and my husband have been paying our individual zakat separately? 50% on my zakat date and 50% on my husband’s zakat date? Or is it possible to separate the zakat due to individual assets and a separate date for the company’s inventory which would be paid in full together?
Bismillahi Ta’ala
Walaikum Assalam Warahmatullah
In principle, zakat is an individual’s responsibility. Moreover, in a partnership whether it be in the form of a corporation or a unregistered activity, each partner is independent in representing his own share in that venture.
Thus, at the time of calculation of zakat, one’s share in a particular venture will be calculated for its market value at one’s own date of zakat calculation.
Please review past explanation of how to calculate Zakatable Assets value in a corporation through our Zakat Workshop recording at:
Wallahu A’lam
And Allah Ta’āla Knows Best
Mufti Faisal al-Mahmudi