Should a Rich Person Owning Several Factories pay Zakaat Only on the Merchandise ... - Dr Zakir Naik

Should a Rich Person Owning Several Factories pay Zakaat Only on the Merchandise & Goods or on all Assets? - Dr Zakir Naik

Yusuf Chambers: Next question from another viewer. Some Muslims are extremely rich and have several huge companies and factories and such like. Should Zakaat be paid on complete assets that the person owns or only on its goods that it’s required?

Dr. Zakir: Again the same difference of opinion. The normal ruling is that you pay Zakaat on the merchandize and goods of trade what you buy and sell but the place where your business is, its free from Zakaat, you may have vehicle which you use for transportation, its free from Zakaat but only on the goods in merchandize you pay Zakaat but this example is again of a very rich Muslim who has many companies, many factories, may be costing millions of dollars, should he pay Zakaat only on the goods or on the full assets?

Again the same group of scholars say that since he is excessively rich and the company is very big and normally what rich people do that they have one company whatever profit they get no one stores it in the house, you won’t keep it in the lock and key, you wont buy gold and keep it, he will buy one more factory, that’s an investment. So a person who has few factories who makes millions of dollars a month, the moment he gets it within a few months he may invests and he opens one more factory, then he earns more, then he opens one more factory so if he has to pay only on the goods, the goods per se, the stock, will be a very small amount but the cost of the factory will run into hundreds and millions of dollars. So I agree again with the same group of scholars who say that if a person owns many factories so Zakaat should be paid on the complete asset of the factory including the land.

Our beloved Prophet Muhammad (Sallallahu alaihe wa sallam) further said, its mentioned in

Sahih Bukhari Vol. no. 7 (Book of Patience) Hadith no. 5672, the Prophet said that
“A person will be rewarded for everything that he spends except what he spends in making buildings.”
You know also making buildings and all these big things and further its mentioned in
Sahih Bukhari Vol. no. 4 (Book of Jizyah) Hadith no. 3185 beloved Prophet Muhammad (Sallallahu alaihe wa sallam) said that

“I am not worried about my Ummah as far as poverty is concerned but I am more worried about my Ummah as far as prosperity is concerned because previously many people were destroyed because of luxury and they used to compete with one another. So I am worried about my Ummah because of luxury and they’ll compete with one another and as the earlier people were destroyed, they too will be destroyed.”

Muhammad (Sallallahu alaihe wa sallam) was worried about these things about luxury, having big-big mansions, having big-big factories and just to get on common terms when the question is asked that when you buy shares, you know, stock market, halaal stock, halaal shares, of a company which is halaal and you ask any scholar that you buy the shares, do you have to pay Zakaat, they’ll say yes. Whatever is the value of the share NAV Net Asset Value, you have to pay Zakaat on it...




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