Is Zakat obligatory on a sum of money upon which a Hawl (one year) has not passed, and which has been transferred into a commercial shop? And if so, how is it to be paid?
If the money reaches the (threshold) but a hawl (full lunar year) has not passed on it, and then trade goods are purchased with it, becomes obligatory when the hawl passes on the money. A new hawl is not calculated for the trade goods; rather, the hawl is completed based on the hawl of the cash with which the goods were purchased.
Al-Nawawi said: "If he acquires it [meaning: trade goods] with a nisab amount of cash, then its hawl begins from the moment he possessed the cash."
Al-Buhuti mentioned that the hawl is not interrupted when trade goods are exchanged for cash or other trade goods, because they are considered as being of the same category.
As for the method of zakat on trade goods, the goods are valued at their market price on the day of valuation, and their zakat is 2.5 percent.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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- Read the full answer on Ftawy