FatwaPenangZakat
ZAKAT SYARIKAT
Is a loan cooperative company that keeps money in a bank required to pay zakat?
Short answer
The loan company described in the question is not subject to zakat.
A reference, not a fatwa. First sentence of the summary below — read the original fatwa and consult your state authority before acting.
- Authority
- Penang State Mufti Department
- Date
- Status
- Fatwa committee decision
- Series
- Keputusan Fatwa Negeri Pulau Pinang (e-Fatwa)
- Topic
- Zakat
No evidence of gazettement in the source — this is not a gazetted fatwa.
Summary
The loan company described in the question is not subject to zakat. It is not a valid syar'iyyah company under Islamic law. It is only an arrangement to pool money for charitable lending, similar to a death benefit (khairat kematian) society operating in the state.
Written in our own words from the original fatwa — check the source before acting on it.
Syarikat ini bukan syarikat Syar'iyyah yang diakui sah (mengikut hukum Syarak).
Read the full fatwa on the Penang website (new tab)
How to cite
Cite the original fatwa and its authority. Rujuk Fatwa is only where you found it.
Penang State Mufti Department. “ZAKAT SYARIKAT”, 12 February 1968. http://efatwa.penang.gov.my/fatwa_details.php?fatwaid=801. Found via Rujuk Fatwa: https://rujukfatwa.com/en/fatwa/zakat-on-loan-company-bank-savings/