Question Summary:
Regarding the proceeds, doesn’t the money have to be in your possession for a year before it is zakaatable Question Detail:
Regarding the proceeds, doesn’t the money have to be in your possession for a year before it is zakaatable
Answer :
Answer:
In the Name of Allah, the Most Gracious, the Most Merciful.
In principle, Zakat becomes compulsory on a zakatable asset that is equal or more than the nisaab, once it has remained in one’s possession for over a lunar year. However, this is for a person who did not possess a nisaab prior to acquisition of this zakatable asset.
If one’s nett savings were equal to the value of nisaab at the beginning of the lunar year, and thereafter he acquired another zakatable asset, then the value of this newly acquired zakatable asset will be added on to his savings. He will not have to wait for a year to pass on this newly acquired asset in order for it to be considered for his zakat calculations. At the end of the current year, if he still possesses the nett savings equal to value of nisaab, then he will simply give out 2.5% of his nett savings as a zakat for this year, regardless of the fact that the acquired asset was in his possession for less than a year.
And Allah Ta’ala Knows Best
Mufti Faisal bin Abdul Hameed,
Montréal, Canada
Checked and Concurred by,
Maulana Ismail Desai
DARUL IFTAA BUILDING PROJECT
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