Fatwa ID: 04249

Answered by: Imam Abdul-Malik Sheikh

Question

If one is waiting for his shipment of goods and his zakat is due. Does he give zakat on these goods?

بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم

In the name of Allah, the Most Gracious, the Most Merciful

Answer:

If your question relates to trade goods, then you should know that Zakat is obligatory on goods for trade. Once you have possession of the goods you should calculate the value in trade after the passing of one lunar year. There will be no Zakat if the goods are not in stock in your possession.

Whatever the goods maybe when their value reaches the niṣāb of silver or gold Zakat needs to be paid. The value of the goods for trade is valued, according to whichever of the two is more beneficial for the poor and the destitute.

Reference:

Al-Fatawa Al-Hindiyyah, Vol.1, p.179, Dar al-Fikt, Beirut

Only Allah knows best

Written by Imam Abdul-Malik Sheikh

Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham