I have a question regarding Zakat.
- I been paying zakat on all my assets and savings and how I do it on saving is 1st of Ramadan I note down total of my savings for next year to pay Zakat on.
This year I am a little confused, I invested some Money from savings into a business recently. So I am wondering do I need to pay zakat on the money that I put into investment or I will wait for 1 year? - I also invested in another business 6 months ago and will get a profit and my investment back before Ramadan IN SHA ALLAH and will reinvest the money. So do I need to pay zakat on that Money or I need to wait 1 year to pass by on that investment.
- I am planning to go on Hajj this year IN SHA ALLAH, so I will be using my saving money for me and my wife, do I need to pay Zakat on that Money or not. I will pay the Hajj fee after Ramadan which is after the date I pay zakat on.
Bismillahi Ta’ala
Walaikum Assalam Warahmatullah,
- In business, assets are typically categorized as either zakatable or non-zakatable. Zakat is due on zakatable assets such as trade goods, whereas non-zakatable assets—like machinery purchased for the production of trade goods—are exempt. Based on this understanding, when you acquire a share in a business, you must pay zakat on the zakatable portion of the business assets. It becomes part of your zakatable assets for the current zakat year and cannot be excluded until the next zakat year. There is no requirement for a full year to pass before zakat becomes obligatory on that amount.
- Similar to the previous query, you must pay zakat on the zakatable assets within the business, including any liquid assets such as profits or investments, during the current zakat year.
- If the money set aside for Hajj has not yet been spent and is still in your possession, and there is no binding contract between you and the Hajj service provider rendering a liability on your part which will be paid from the monies set aside, then zakat must be paid on that amount.
Wallahu A’lam
And Allah Ta’āla Knows Best
Maulana Israar Ahmed
Checked and Approved by
Mufti Faisal al-Mahmudi