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Zakaah on current and business accounts

Fatwaa ID: 1021

Question:
Salam Jazkallah for your time my Questions regarding Zakat split in 3 points
1- Can I pay Zakat to someone without telling and My Zakat payment is valid someone needs help to pay off his debt
2- Zakat payment on Current account do I need to pay 2.5% on wt ever is in my account on the 1st Day of Ramzan regardless of wt was in and out during the year and if some amount just landed in my account before Ramzan.
3- I Run a business and I have funds in business account, I have to pay taxes and expenses from that money as well how do I calculate Zakat on that money,
Jazakallah Khair May Allah give Barakah in Your Knowledge, Eman and health amen

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

The answers to your queries are as follows:

  1. It is not necessary to inform the recipient that you are giving him zakaah funds. You may refer to it as a gift. However, it is your responsibility to ensure that he is eligible to receive zakaah. Simply being in debt does not make one eligible. To be eligible, his wealth, after deducting debts and aside from essentials, must be below the nisaab threshold.
  2. All zakaatable assets that one owns on one’s zakaah date is subject to zakaah if the total reaches the nisaab. This will be applicable even to the wealth one acquired the previous day. In the enquired situation, you will give zakaah on whatever is in your bank accounts. All cash that you have will also be subject to zakaah.

We wish to clarify that zakaah is due on one’s zakaah date, not the 1st of Ramadhaan. If your zakaah date happens to be on the 1st of Ramadhaan, then that is your zakaah date. If your zakaah date is on any other date, then that will be the day you assess and pay your zakaah on.

  1. Zakaah will be due on whatever is in your business account. You may, however, deduct immediate current expenses. If your taxes are not due yet or you have not filed them yet, you may not deduct them. It should be noted that business assets may be subject to zakaah, depending on the type of business.

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

09/20/1444 AH – 04/11/2023 CE |AMG1-2983

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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