Is Zakat obligatory on stocks if there is a debt being paid in monthly installments, and is Zakat obligatory on stocks owned by children and the wife?
is obligatory on shares held in the name of the wife and children if they own them, possess them, dispose of them as owners, and the conditions for Zakat are met, such as reaching the (minimum threshold) and the passing of a hawl (one lunar year). The guardian should pay Zakat on behalf of a minor. However, if the shares are merely in their names but are actually owned by the father, then Zakat is obligatory on the father.
A debt is not deducted from the Zakat of wealth if the person owns other non-zakatable assets beyond his needs. If he only owns a house he lives in or similar necessities, then the amount of the debt is deducted from the zakatable wealth when the hawl is due, and the remainder is zakatable if it reaches the nisab.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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