Zakat on investment which is not being repaid Cont.1

Zakat on investment which is not being repaid Cont.1

Question:

Assalamualaykum Zakaat related question. I invested 2 lak and in lieu I was receiving certain percentage of the profit. For my necessity, I expressed withdrawal of the investment, since THEN the man hasn’t paid me back original money nor the profit saying that business is bad. Now it’s been 5 years in this way. I become nisab of zakaat when this money is added otherwise no. My question is, at the moment, I am virtually deducting zakaat from the money I would get and minusing from total amount. In effect, I am not paying zakaat to no one but writing the account so that I can pay zakaat as soon as I receive. In case, if this man totally failed to pay me original investment, how to pay the zakaat? Do I have to pay all past accumulated zakaat or not? Jazakallah

Answer:

In the name of Allah, Most Compassionate, Most Merciful,

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

Sister in Islam,

Your query is not clear. You may redraft your question and resend it to us with the following clarifications:

1)  What was the nature of the investment?

2) If available, forward us the investment contract you agreed upon.

3) Do you have any expectations of receiving that money in the future or do you believe it is highly unlikely you will ever receive this money? If so, when did you come to this conclusion and why?

If it is easier for you to explain your situation in Urdu, then you may resend your query in Urdu.

You may forward your reply to: admin@daruliftaa.net

Ref: Hammad Jogiat

And Allah Ta’āla Knows Best

Hammad Ibn Ismail Jogiat

Student - Darul Iftaa

Cambridge, Ontario, Canada

Checked and Approved by,

Mufti Ebrahim Desai.

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