Q: How is Zakat paid on a ‘committee’ scheme between several individuals?
I am currently calculating my Zakat for this year and wanted to know how we deal with a ‘committee’ which is a type of loan which is interest free, where there are a number of members and each member pays a certain amount and after every month one member keeps the full amount.
الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب
A: What you put in to the ‘committee’ is effectively a loan from you to other ‘committee’ members. If you have not taken your ‘committee’ as yet, you need to calculate how much you have put in and then pay Zakat on that. If you have already taken your ‘committee’ then the amount that you need to pay until the end of the ‘committee’ can be deducted from Zakatable assets.