Zakat Expert

Q1)

 

I have not paid Zakat al Fitr for previous years, should I pay it now?

Majority if not all of the scholars agree that Zakat al Fitr liability remains until one pays. Hence, one must make up for the missed Zakat al Fitr amount as soon as possible.

Q2)

 

Is Zakat Nisab on Capital and Profit or on Profit alone?

This depends on the situation and one’s intention with the capital investment. For example, investments made with the intention of resale are subject to Zakat on their capital value plus any net cash left over on one’s Zakat anniversary. But if an investment is bought to hold on to with no intention of resale, then no Zakat is due on the capital as long as it is not in the form of gold, silver or currencies. Is there a particular situation you are concerned about? If so, please share the details and I can try to provide a more specific answer for you insha’Allah.

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