Fatwa ID: 07088

 

Answered by: Maulana Abdoullah Limvoonheek

 

Question:

 

My son is currently working and is also given some basic grants from the government. At the end of every month, he even breaks using the money he has earned as well the grants that he gets. He currently has some stocks and also has a 401-k plan. He does not have any other cash, savings or assets.

 

Is zakat wajib on him? If yes, how is he supposed to discharge the zakat, if he doesn’t have cash on hand. Can he borrow money from his father and use that to pay his zakat? If you could kindly assist.

 

 

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

 

Answer:

 

Zakat become wajib only if a person the nisab amount of zakat. A person will take 2.5% from the net wealth. Zakat is taken from gold, silver, cash and stock of trade.

 

One will have to deduce his basic necessities. If a person has debt, he will first pay his debt. Any amount that is left from there he keep aside, after the passing of an islamic year then he will take zakat from it if it reach nisab amount.

 

As for the question above, you mention that you don’t have cash but you have some stocks. You didn’t specify what stock you have if you trading with it or not.

 

If it’s not for sale then there will be no zakat. If it’s for resale then a person will have to give zakat on it. A person can pay his zakat in kind. You give the item in the ownership of the recipients of zakat.

 

Therefore you don’t have to borrow money to pay your zakat, you can discharge your zakat from the stock you own that you trading. It’s not necessary to pay in cash only.

 

 

Only Allah (عز و جل) knows best.

Written by Maulana Abdoullah Limvoonheek

Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham

 

 

 

 

Reference:

فَإِنَّ رَسُولَ اللَّهِ صلى الله عليه وسلم كَانَ يَأْمُرُنَا أَنْ نُخْرِجَ الصَّدَقَةَ مِنَ الَّذِي نُعِدُّ لِلْبَيْعِ ‏.‏

Sunan Abi Dawood hadith 1562

 

 

الزكاة واجبة في غروض التجارة كائنة ما كانت إذا بلغت قيمتها نصابا من الورق والدهب كذا في الهداية…… ونعتبر القيمة عند حولان الحول

الفتاوى الهندية ج١ ص١٧٩

 

 

(ويجوز دفع القيمة في الزكاة) وكذا في العشر والخراج والفطرة والنذر والكفارة غير الإعتاق، وتعتبر القيمة يوم الوجوب عند الإمام،

اللباب في شرح الكتاب ج٢ ص٣٣

 

 

فلو أدى من خلاف جنسه تعتبر القيمة بالإجماع

البحر الرائق ج٢ ص٢٤٤

 

وَأَجْمَعُوا أَنَّهُ لَوْ أَدَّى مِنْ خِلَافِ جِنْسِهِ اُعْتُبِرَتْ الْقِيمَةُ

رد المحتار ج٢ ص٢٩٧

 

قوله ( تمليكا ) فلا يكفي فيها الإطعام إلا بطريق التمليك ولو أطعمه عنده ناويا الزكاة لا تكفي

رد المحتار ج٢ ص٣٤٤