Should a Rich Person Owning Several Factories pay Zakaat Only on the Merchandise

Zakir Naik

Channel: Zakir Naik

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Next question from another viewer. Some Muslims are extremely rich, and have several huge companies and factories and such like.

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Should Zakat be paid on complete assets that the person owns or only on its goods that it's acquired.

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Again, the same different opinion, the normal ruling is that you pay is a tax on the merchandise and goods of trade. What do you buy and sell. But the place where businesses, it's free from the car, you may have vehicle which you do for transportation that's free from the heart.

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But only on the goods and merchandise up is a fad. But this example is again of a very rich Muslim who has many companies, many factories, may be costing money millions of dollars.

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Should he pay zakat,

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only on the goods on the full assets. Again, the same group of scholars said that since he's excessively rich, and the company very big.

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And normally what rich people do, that they have one company, what profit they get, no one shows it in the house. Don't give them the lock and key you won't buy gold and keep it here remember no factory, that's an investment.

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So person who has few factories, who makes millions of dollars a month, the moment he gets it within a few months in West, you open a new factory, then he earns more, you open a new factory. So if he has to pay only on the goods, the goods plus say the stock will be a very small amount. But the cost of the factory will run into hundreds of millions of dollars.

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So I agree again with the same group of scholars

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will say that if a person owns many factories,

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so the car should be paid on the complete asset of the factory, including the land, a beloved person was running for the Senate. It mentioned say Buhari won number 700. Number 5672. The Prophet said that a person will be rewarded for everything that he spends, except what he spends in making buildings, and also making buildings and all these big things. And further it's mentioned in say Buhari, or in number 400 number 3185. The Beloved Prophet Muslim said

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that I am not worried about Obama as far as power is concerned. But I'm more worried about my oma as far as prosperity is concerned.

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Because previously

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many people were destroyed because of luxury. And this to compete veranda so invite about my oma because of luxury, and their compete with one another. And as the early people were destroyed, they too will be destroyed. samosa. la sala was worried about these things about luxury, you know, having big big mansions having big, big factories. And just to get income in terms when the question is asked that when you buy shares in the stock market stock purchase of a company which is halal. And you ask any scholar that you buy the share, do you have to pay the currency Yes, whatever the value of the share and a V net asset value, you have to pay zakat on it. So when you buy shares of the

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company, the share cost is equivalent to the complete asset. It is not only on the goods, so when you buy shares from the stock market of a company, and then you're paying the full soccer of the share value. If a person owns a company completely, that means he's 100% shareholder. So there when you buy 1% 2% of the shares, you're paying complete amount on that 1% that includes the land costs, everything. So you're why when you own it completely up on the goods. So yeah, I agree, it becomes the difference. So, ensure that they have to pay on the net asset value, I believe in in the company, you have to pay for the completeness of value and inshallah that will increase the wealth

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of that rich man and we purify his wealth inshallah. So the best thing is that Allah says in Surah Tauba chapter nine verse number 3435, that hood not gold and silver, there are people who hoard gold and silver and spend it not in the way of Allah subhanaw taala give not Zakat on it. I don't agree with penalty were hit reproduced from the fire of hell, from the wealth they possess, and they'll be banded with it on the head and the flanks and the back and be told to them that tasted the wealth which you heard it so therefore I'm of the opinion that sucker should be given even if it's a big mansion. Even though we're living in it gives a card if you have multiple houses gives a card. If

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you own land, even do not rent gives a card on it.

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Before in fact it gives a cut. As a general rule, if the person is really very rich, really very rich, he should give Zakat on everything. I know that the basic needs should not be given Zakat, but it's safe for the afra that he gives the cat on the position of the factory and everything so that it is safe and is free from the fire of hell.