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  • Prayers & Duties >> Zakat & Charity

    Question ID: 25869Country: India

    Title: I hae a question regarding payment of zakah,i.e. rate of zakah,we own a business in partnership,so we have capital which is used permanently in payment of liability,i own farm land and pay the zakah on crop,so i hae to pay on land cost or not,i have bank balance, gold ornaments,life insurance policy,public provident fund deposit, and mutual fund in the name of minor girls, please clarify every thing in detail,

    Question: janab mufti sahab assalam alai kum, i hae a question regarding payment of zakah,i.e. rate of zakah,we own a business in partnership,so we have capital which is used permanently in payment of liability,i own farm land and pay the zakah on crop,so i hae to pay on land cost or not,i have bank balance, gold ornaments,life insurance policy,public provident fund deposit, and mutual fund in the name of minor girls, please clarify every thing in detail, ALLAH HAFIZ

    Answer ID: 25869

    Bismillah hir-Rahman nir-Rahim !

    (Fatwa: 1726/1357/B=1431)

     

    You and your partner will have to pay the Zakah of the capital and profit on the completion of one year after deducting the amount of debt , provided the remaining amount of both the partners reaches up to nisab. There is no Zakah on crop and on the price of land. Zakah is not wajib on provident fund deposit. However, Zakah shall be wajib on your bank balance, gold jewelleries, capital amount deposited in life insurance and the amount deposited by you in the name of minor daughters in mutual fund.

    Allah (Subhana Wa Ta'ala) knows Best

    Darul Ifta,

    Darul Uloom Deoband, India

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