Assalam Alaikum Mufti Saheb,
I had invested INR 3 lakhs in shares of some textile, steel, software and petroleum companies in India about 3 years ago. Now the value of those shares have depreciated more than 50%. Do I have to pay zakat on the investment value (ie.3 lakhs Indian rupees) or their current value?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
JazakAllah. For your question.
One is obligated to pay Zakaat on the current value of the shares that one owns in a company and the dividends that accrued thereof.
And Allah Ta’āla Knows Best
Moulana Ismail Desai,
Student Darul Iftaa
Durban, South Africa
Checked and Approved by,
Mufti Ebrahim Desai.