-
Is Zakat Due If Jobless While Starting New Business?
AA –
1) Suppose a man was the main source of income for his household. He lost his job.
2) He is now trying to start a new business. It is uncertain if/when that takes off. Could take 1-2 years before he can draw any income from it. In the meantime he may have to invest in this business out of his own pocket.
3) His wife works, although her income is 1/3 of what he was earning.
4) They do have sufficient savings that the household is operating comfortably. They also have some 401k, IRA, and college savings set aside as well.
Does he owe zakat during this time when he’s building his business, on the usual asset base – savings, etc.?
OR, is there some level of exemption (not entirely of course) for his situation? -
1 Reply
-
Is Zakat Due If Jobless While Starting New Business?
updated 3 months, 1 week ago
2 Members
·
1
Reply
-
I’m not a religious expert, but if I would be you I will pay my zakat. No one would know the future. So obviously it cannot be predicted what will happen in future to any human being. I don’t want to die with debt of zakat on my shoulders, as I don’t know when will I die. So I would prefer to die empty handed rather than having debt of Zakat on my shoulders. This will be my approach. Obviously you can think differently. No western government allows you not to pay the tax if you have taxable income or amount in your bank on your future predictions. So same rule applies here. This is my understanding of the Law and situation. Regards.
Sponsor Ask Ghamidi
