Saturday, March 25, 2023
No menu items!

Zakaah on gold borrowed by someone else

Fatwaa ID: 672

Question:
Assalamualikum
How ru guys doing?

I have a question on Zakat


I have some gold jewelry bought a couple years ago , from that time, I am taking out the Zakat value of the gold jewelry, and donating the money.

This year, recently I gave the gold jewelry to a relative, who kept it in the bank and took a loan against the gold jewelry , and he used the money for his expenses.

So he planned to return the gold jewelry after a year or so, by paying the loan amount to the bank and get the gold jewelry from th bank.

So the gold is not in my possession from last couple of months.

So do I still have to take the Zakat ?

Can you please find out and please let me know.

Thank You Very Much,
Afzal.

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

We take note of the details of your query. May Allaah Ta’aala place barakah in your wealth.

While the gold in reference is not in your possession, it is still in your ownership. You are thus liable to pay zakaah on it. You may pay zakaah on it annually or once you receive it back, in which case you will backdate it for the previous years.

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

08/03/1444 AH – 02/23/2023 CE | AMG1-2840

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.