Zakah on the funds of a cooperative if they are received in installments
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The second question of Fatwa No. ( 18805 )
Q2: I am a member of a cooperative for a period of twelve months, and the total amount is ninety thousand Yemeni riyals, where the receipt was in three installments: the first: 36,000 Yemeni riyals. The second: 36,000 Yemeni riyals. The third: 18,000 Yemeni riyals. Is zakah obligatory on me for what has passed, and how much is it?
A2: Zakah is obligatory on you for the money you own if it reaches the nisab and a lunar year has passed over it, whether the money is in your hand or is a contribution in a commercial cooperative. You pay zakah on it along with its profits every year, and the lunar year for the profits is the same as the lunar year for the principal.
And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q2: I am a member of a cooperative for a period of twelve months, and the total amount is ninety thousand Yemeni riyals, where the receipt was in three installments: the first: 36,000 Yemeni riyals. The second: 36,000 Yemeni riyals. The third: 18,000 Yemeni riyals. Is zakah obligatory on me for what has passed, and how much is it?
A2: Zakah is obligatory on you for the money you own if it reaches the nisab and a lunar year has passed over it, whether the money is in your hand or is a contribution in a commercial cooperative. You pay zakah on it along with its profits every year, and the lunar year for the profits is the same as the lunar year for the principal.
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.