Why I Don't Pay Zakat On Stocks (Mostly)

Why I Don't Pay Zakat On Stocks (Mostly)

Author: Rakaan Kayali October 5, 2023 Duration: 19:28

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Why I Don't Pay Zakat On Stocks (Mostly)

📌 Video Summary:

We delve into an often-asked question in Islamic Finance: "Do you owe Zakat on stocks?" We're not just repeating mainstream views; we're offering a fresh perspective through ijtihad. If you're serious about understanding Zakat in a way that aligns with both the Qur'an and Sunnah, this is the video for you!

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👉 What You'll Learn:

1. What makes an asset zakatable? We break it down into four core attributes.
2. What did Prophet Muhammad (pbuh) say about Zakat? 
3. Do stocks fit the criteria for being zakatable assets? 

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🔵 Important Points:

- The topic of Zakat requires ijtihad, as neither Allah (swt) nor His messenger (pbuh) have directly addressed Zakat on stocks.
- We challenge the often-repeated condition that an asset must have "Growth or the potential to grow" to be zakatable. 
- What makes an asset zakatable might actually be its "lack of usefulness" or idleness, as opposed to its growth potential.
- We argue that stocks, by contributing to societal growth and business development, are not idle wealth and thus may not require Zakat.

CONTACT US

salam@practicalislamicfinance.com

ABOUT OUR PODCAST

Our podcast is about helping people ethically build wealth. We cover a broad range of topics including stock and crypto investing, product reviews, and general financial well-being.

DISCLAIMER

Anything you hear in this video is an opinion. It is not personalized financial advice. Make sure you do your due diligence before making any investment decisions.


Hosted by Rakaan Kayali, The Practical Islamic Finance Podcast sits at a unique crossroads where faith meets the realities of modern money management. This isn't about abstract theory; it's a grounded conversation for anyone navigating their financial life within an Islamic framework. Each episode tackles the contemporary questions and challenges that arise when principles of halal investing, ethical business, and personal finance intersect with today's dynamic markets and news cycles. You'll hear clear discussions on how to build wealth responsibly, understand the nuances of Sharia-compliant opportunities, and make informed decisions that align with both spiritual values and practical goals. Kayali brings a focused perspective to topics ranging from everyday budgeting and debt to analyzing specific investment vehicles and broader economic trends through a principled lens. The podcast serves as a thoughtful resource for Muslims seeking actionable guidance, as well as anyone curious about the ethical dimensions of finance from this particular viewpoint. It’s a space for learning and reflection, designed to help listeners cultivate financial well-being without compromise. Tune in for straightforward dialogue that makes the often-complex world of Islamic finance accessible and immediately relevant to your life.
Author: Language: English Episodes: 361

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