Mixed ownership of wealth does not affect Zakat

22-1-2014 | IslamWeb

Question:

We are three partners and own a capital that has reached the due Nisaab and on which a Hawl (i.e. lunar year) has passed. However, if we divide the capital among us, the shares of each of us will not reach the due Nisaab. Should we pay zakat for the whole capital or wait until the share of each of us reaches the due Nisaab of zakat?

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Answer:

All perfect praise be to Allaah, The Lord of the worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad, sallallaahu ‘alayhi wa sallam, is His slave and messenger.

According to the opinion of the majority of scholars, there is no zakat for the partner whose share does not reach the Nisaab whether by itself or after being added to his other wealth, money or trading goods, as they are all considered forms of wealth on which zakat is paid. Mixed ownership of wealth does not affect the obligation of zakat, except in the case of livestock.

Allaah Knows best.