Zakaah On A Deposit
Question
I’m in the process of buying a new business Insha’Allah, but I will only take over at the end of the year, once full payment is made. Currently I have paid a deposit and signed a contract with the owner to express my seriousness in purchasing the business. The deposit is will remain with the owner and will only be returned if the deal falls through. Am I be liable to pay Zakaah on that deposit?
Answer
A deposit will be regarded as a loan, and just like how Zakaah is necessary on a loan, likewise it is necessary on a deposit. (RE:Fatawaa Darululoom Zakariyya Vol:3 Pg:136)
- Answered by
- Ahmed Saeed
- Checked & approved by
- Mufti Yacoob Vally Saheb
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