Question
I have invested some money in MTN shares. The fund does not allow me to withdraw the money for a period of one year as the share scheme was a BEE initiative. I am at this stage not sure if the total value invested will be approved for share allocation as there is a limited number of allocations.
Is Zakaat payable if the money is not currently in my possession? If yes,on what value must Zakaat be paid, the current share value or my initial investment?
I calculate Zakaat on the 25th Ramadan.
Answer
Muhtaram / Muhtaramah
In the Name of Allāh, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh.
If on the day of your Zakat calculations your shares are not yet allocated you will pay Zakaat on the Initial investment. If the shares are allocated then you will pay on the market value.
And Allah knows best
Wassalam
Darul Iftaa, Madrassah In’aamiyyah
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