The Zakah on Shared Money in Real Estate Trading

Question:
My colleagues and I are in business together with a large amount of capital, which is buying houses, villas, and buildings. Is there zakah on this money, even though I have heard that there is no zakah on shared money?

Answer:
That is not correct; what you heard is not correct. If money reaches the nisab, it is subject to zakah, whether it is in real estate or anything else. If you are buying real estate, then when the lunar year (hawl) has passed on the value for which you bought it—when the hawl has passed on the value you purchased it for—you appraise the property, house, land, or any commodity at its value at the completion of the hawl, and you pay zakah by giving one-quarter of one-tenth. As for the partners, if each partner's share reaches the nisab or more, he owes zakah. But if his share is less than the nisab and he has no other money to add to it, he does not owe zakah.

The presenter:
May Allah reward you with good,