Fatwaa ID: 1312
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?
In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.
- 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.
- Stocks and shares are subject to zakaah. Most investments in general are zakaatable.
- 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
11/29/1444 AH – 06/18/2023 CE | AMG3-3885
وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين
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