Zakah on goods prepared for sale when the lunar year has passed on their value
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The third and fourth questions of Fatwa No. ( 19722 )
3: The total amount held by our installment customers is approximately three hundred thousand riyals. We receive approximately (35,000) riyals monthly from them, which we use to buy new goods and sell them on installments as well. How do I pay zakah in this situation? Please note that I am still repaying the borrowed amount, of which (110,000) one hundred and ten thousand riyals remain.
A3: Zakah is obligatory on goods prepared for sale when the lunar year has passed on the value for which they were purchased. The method of paying its zakah is to appraise them at their value at the completion of the lunar year based on the price for which they were bought, and to pay one-fourth of a tenth of the appraised value. As for any of it sold before that for a deferred price, zakah is obligatory on that deferred price by paying the equivalent of one-fourth of a tenth, provided it is due in full.
3: The total amount held by our installment customers is approximately three hundred thousand riyals. We receive approximately (35,000) riyals monthly from them, which we use to buy new goods and sell them on installments as well. How do I pay zakah in this situation? Please note that I am still repaying the borrowed amount, of which (110,000) one hundred and ten thousand riyals remain.
A3: Zakah is obligatory on goods prepared for sale when the lunar year has passed on the value for which they were purchased. The method of paying its zakah is to appraise them at their value at the completion of the lunar year based on the price for which they were bought, and to pay one-fourth of a tenth of the appraised value. As for any of it sold before that for a deferred price, zakah is obligatory on that deferred price by paying the equivalent of one-fourth of a tenth, provided it is due in full.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.