Darul Ifta Ibn Masood

Stokvel savings

· 4 Rabiʻ I 1445 AH1 min readEnglish

Question

Does one have to pay Zakaat on the money that is given in a stokvel every month and hasn’t received a turn yet? The stokvel is 2 years long.

Answer

We understand from your query that the contribution of each member (which we assume is an equal, monthly contribution by all members) is kept as Amaanat by the head of the stokvel, or in a bank account. After two years, goods are purchased in bulk and distributed amongst the members. If this is the case, then Zakaat will be due on the accumulated funds when your Zakaat date enters. You will pay Zakaat on the amount saved (at that stage) with the stokvel group.

Answered by
Mufti Mohammed Desai
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Source: Darul Ifta Ibn Masood — https://fataawa.co.za/stokvel-savings/
Fatawa SA: https://fatawa.co.za/fatwa/ibnmasood-26976

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