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Zakat / The Zakat of real estate business

The Zakat of real estate business

publish date : 2014-09-07 | Views : 2460
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Dear respected Shaykh, assalamu alaikum wa rahmatullahi wa barakatuh. We are a group of people who established a small joint stock company. We bought land with the capital and sell it in installment sales. The money does not stay with us for a year because as soon as we have an amount of money we buy land and so on. How should we give Zakat in this condition? زكاة المال في تجارة العقار

Praise be to Allah, and may Allah’s peace and blessings be upon the Messenger of Allah, his family and his companions. Wa alaikum assalam wa rahmatullahi wa barakatuh. As to what follows: In response to your question, we say:   When a year passes, it is compulsory to pay the Zakat for it whether it is cash or land.  When the time of Zakat comes, calculate the value of your land. If for example, their value is equivalent to forty thousand dollars, then their Zakat is one thousand riyals.

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