Asalaam Mu Alaikum Respected Mufti
I have 6 question relating to my Zakaat and would appreciate your responses:
1. Is Zakaat payable on investments (such as shares in Oasis, Albaraka, etc)? These shares were bought for investment purposes in my private capacity as opposed to being bought for share trading.
2. The company I work has offered me shares in the company. They have sold me 15 shares currently valued at R90 000 of which the yearly dividend payouts (approximately R30 000 per year) will pay towards the initial cost. I currently still owe R60 000 as I have only been a shareholder for one year. I have not invested my own capital towards the shares. Is Zakaat payable on these shares and on which amount?
3. How do I deduct from my Zakaat amount the money that I am owing? For example I am owing R275 000 on my vehicle of which I am paying R5 000 per month. Do I deduct the full amount owing or only that amount which I will pay in one year (i.e. R60 000 for the car)? Does the monthly household expenses also get deducted if you know you need say R20 000 for the month to meet your needs?
4. How do I add the money owing to me to my Zakaat amount? Do I add the full amount owed to me or only that amount that will be paid back to me in one year (if he is paying R2 000 per month)?
5. My parents made me a 20% member in their CC which owns property (that collects rent) and a petrol garage (that earns money from fuel sales). I did not invest any of my own money, I do not get an income from the profits nor am I actively involved in the CC. What is the Zakaat position on this? Is Zakaat payable on the value of the leasable property, the fuel stocks, etc?
6. My company deducts every month from my salary (before I receive it) an amount of money that goes towards my pension. It is a compulsory deduction. Is Zakaat payable on this pension money? If yes, is it then payable on the full current value of the pension fund or only on the total of my deductions/contributions over the year?
Shukran for your assistance. May Allah reward you.