⭕Today's Question no. 1012⭕
Is it compulsorygh to calculate zakat on shop, car and life insurance amount?
🔵Answer🔵
The amount invested in shop, business and car insurance is not sure to be getting returned, therefore zakat is not compulsory on it. However, in case of life insurance, but amount will surely be returned along with interest. Therefore, after receiving the exact amount you have been investing, one has to calculate zakat for all the years one has been depositing the amount (one can calculate every year and keep it handy) and the extra amount received is haraam and interest and therefore no zakaat to be calculated on it.
📙KITABUL MASAIL 2 / 217
And Allah swt knows best.
✏Mufti Imran Ismail Memon.
Ustaze Darul Uloom Rampura, Surat, Gujarat, India.
Is it compulsorygh to calculate zakat on shop, car and life insurance amount?
🔵Answer🔵
The amount invested in shop, business and car insurance is not sure to be getting returned, therefore zakat is not compulsory on it. However, in case of life insurance, but amount will surely be returned along with interest. Therefore, after receiving the exact amount you have been investing, one has to calculate zakat for all the years one has been depositing the amount (one can calculate every year and keep it handy) and the extra amount received is haraam and interest and therefore no zakaat to be calculated on it.
📙KITABUL MASAIL 2 / 217
And Allah swt knows best.
✏Mufti Imran Ismail Memon.
Ustaze Darul Uloom Rampura, Surat, Gujarat, India.
