Saturday, March 2, 2024
No menu items!

Qurbaani and zakaah related queries

Fatwaa ID: 1312

Question:
Assalamualaikum wa rahmatullahi wa barakatuh, I have a few questions regarding Qurbani and Zakat

1)when is one required to give Qurbani, is there a required amount of money?

2) Do I have to pay Zakat on stocks as one of my local imam’s mentioned that there is no zakat on investments, but I don’t know the accuracy of that statement.

3) what is the current minimum in dollars that one should have saved that they are required to pay zakat? Are stocks and investments included in this count?

Jazakummallahu khairan

Answer:
In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

  1. According to the Hanafi legal school, qurbaani is compulsory upon every sane mature resident who possesses wealth, aside from his basic needs, equivalent to or more than the nisaab threshold on the 10th, 11th or 12th of Dhul Hijjah. Qurbaani must be done during these three days.
  2. Stocks and shares are subject to zakaah. Most investments in general are zakaatable.
  3. Zakaah is not based on savings. When assessing for zakaah, all zakaatable assets are included. This includes, pocket cash, cash in hand, spare change, foreign currencies, bank balances, savings, shares and stocks, cryptocurrencies, gold and silver. The nisaab today is $490.23 USD.

And Allaah Ta’aala knows best.
Mufti Muajul I. Chowdhury
Darul Iftaa New York
https://askthemufti.us/

11/29/1444 AH – 06/18/2023 CE | AMG3-3885

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

__________________
Disclaimer

Darul Iftaa New York answers questions on issues pertaining to Shari’ah. These questions and answers are placed for public view on askthemufti.us for educational purposes. The rulings given here are based on the questions posed and should be read in conjunction with the questions. Many answers are unique to a particular scenario and cannot be taken as a basis to establish a ruling in another situation. 

Darul Iftaa New York bears no responsibility with regard to its answers being used out of their intended contexts, nor with regard to any loss or damage that may be caused by acting on its answers or not doing so.

References and links to other websites should not be taken as an endorsement of all contents of those websites. 

Answers may not be used as evidence in any court of law without prior written consent of Darul Iftaa New York.