Zakah on the capital of a partnership
Machine translationRead the Arabic original
Fatwa number ( 15664 )
Q: We are a group of partners who have pooled our capital (a share) in the business of buying and selling cars on installment for people. These partners have specifically tasked me with buying and selling cars on their behalf. A year has passed since the formation of the partnership, and the time for zakah has arrived. Should I calculate zakah on the entire original capital, or on the remaining value of the cars that is still owed by the people? This is what I wanted to ask about. May Allah reward you with the best reward.
A: First: It is obligatory for each of you to pay zakah on your capital along with the profits after the completion of a lunar year of possession, whether this money is current or deferred. Second: If the partners authorize you to pay the zakah, that is permissible. You may pay it on their behalf and distribute it in its prescribed channels.
And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: We are a group of partners who have pooled our capital (a share) in the business of buying and selling cars on installment for people. These partners have specifically tasked me with buying and selling cars on their behalf. A year has passed since the formation of the partnership, and the time for zakah has arrived. Should I calculate zakah on the entire original capital, or on the remaining value of the cars that is still owed by the people? This is what I wanted to ask about. May Allah reward you with the best reward.
A: First: It is obligatory for each of you to pay zakah on your capital along with the profits after the completion of a lunar year of possession, whether this money is current or deferred. Second: If the partners authorize you to pay the zakah, that is permissible. You may pay it on their behalf and distribute it in its prescribed channels.
And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.