The Zakah of the Cooperative Family Fund and the Calculation of the Hawl
Machine translationRead the Arabic original
The questioner:
The questioner says: We have a cooperative family fund that started this month, into which a sum of about one thousand and three hundred riyals is deposited. How do we calculate its zakah, and how do we calculate the lunar year? May Allah reward you with good?
The Shaykh:
If the fund is for charity and helping the needy, there is no zakah on it, because that is its purpose and a channel for spending zakah. However, if the fund is an investment fund intended for investment trade, then zakah is due on the money you deposited in it and on the profits that come to you from it. The capital and the profit are each subject to zakah, with each person paying zakah on his share in this fund. Yes.
The questioner:
We ask.
The Shaykh:
And if they appoint one person to manage the fund and pay the zakah on behalf of everyone, there is no harm in that. Yes.
The presenter:
May Allah reward you
The questioner says: We have a cooperative family fund that started this month, into which a sum of about one thousand and three hundred riyals is deposited. How do we calculate its zakah, and how do we calculate the lunar year? May Allah reward you with good?
The Shaykh:
If the fund is for charity and helping the needy, there is no zakah on it, because that is its purpose and a channel for spending zakah. However, if the fund is an investment fund intended for investment trade, then zakah is due on the money you deposited in it and on the profits that come to you from it. The capital and the profit are each subject to zakah, with each person paying zakah on his share in this fund. Yes.
The questioner:
We ask.
The Shaykh:
And if they appoint one person to manage the fund and pay the zakah on behalf of everyone, there is no harm in that. Yes.
The presenter:
May Allah reward you
Source
قناة «العلامة الدكتور صالح الفوزان»، محاضرات في العقيدة والدعوة-051-حرمـة قتـل الأنفـس المعصومـة|صالح الفوزان|كبار العلماء — youtube.com (53:30)
The Arabic text is a machine transcription of the audio recording.