Is zakat obligatory on funds endowed by the state to investment companies, or on funds whose owner's right was denied by the company, or on funds that the company lost and promised to repay in the future?
is obligatory on wealth if the condition of absolute ownership, or complete ownership, is met, meaning that the wealth is in the owner's possession and they can dispose of it as they wish.
Therefore, zakat is not obligatory on wealth that cannot be utilized, such as wealth confiscated by the state or a debt that is denied.
If the wealth is impounded by the state, there is no zakat on it as long as it remains so. If it later returns to the owner, they pay zakat for one year.
As for a person's money with a company, if the company incurs losses without negligence on its part, there is no guarantee. But if the company was negligent, it guarantees the money, and it becomes a debt owed by the company, taking the ruling of a debt owed by an insolvent person.
And Allah knows best.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/62822
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 62822
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy