Delay in paying debts and incurring a financial penalty
Machine translationRead the Arabic original
Q: We inform Your Eminence that a bank guarantee was issued for the Civil Aviation Authority for one million riyals, in exchange for a cash security deposit of (10%), i.e., one hundred thousand riyals. Sometimes it is in exchange for a (15%) security, i.e., paying the bank one hundred and fifty thousand riyals. This guarantee enables its issuer to work with Saudi Airlines and other aviation companies. Is there zakah on this guarantee, and what is the amount of this zakah? Is it on the cash security deposit held by the bank, or on this guarantee document for the amount of one million riyals? Please inform us; may Allah reward you with all good. Note that the security amount for this guarantee does not circulate throughout the year and does not generate any profit at all. If the guarantee were merely a nominal document from a person, where he says, "I guarantee 'Amr for one million riyals," and this guarantee was accepted by the Civil Aviation Authority, is there zakah on this document?
A: The reserved amount becomes subject to zakah once a lunar year has passed since he owned it, and the amount is one-quarter of a tenth (2.5) percent. As for the amount exceeding the reserved sum that has not been set aside, there is no zakah on it, because it is merely an assumption of liability.
A: The reserved amount becomes subject to zakah once a lunar year has passed since he owned it, and the amount is one-quarter of a tenth (2.5) percent. As for the amount exceeding the reserved sum that has not been set aside, there is no zakah on it, because it is merely an assumption of liability.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.