Zakat on currency

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4 years 3 months ago #358 by Abu Yusuf
Zakat on currency was created by Abu Yusuf
salaam `alaykum,

What is the Zaydi juristic view on zakat of wealth on paper currency that is not minted gold or silver (i.e. dinars and dirhams), or even valued against a gold standard? In the case of zakat that is one is due to pay, who would it be paid to in these times without an Imam?

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4 years 3 months ago #361 by Imam Rassi Society
wa alaykum as salaam.

Thank you for your question! The issue of zakat being paid from promissory notes (paper money) is a relative new issue since our earliest sources make no mention of it and since the appropriating of value on paper notes is a modern contrivance. I would therefore have to inquire to a mufti for a ruling in this.

And Allah knows best!

IRS

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4 years 3 months ago #369 by Imam Rassi Society
as salaamu alaykum.

According to the fataawa of Sayyid Allama Ahmed ad-Derham:

There is an agreement amongst the scholars that zakat is due on paper money as long as the currency is used for commercial transactions or accumulated capital. However, there is a difference of opinion regarding whether zakat is due on earnings.

As for the obligation of zakat without an imam, it is still obligatory whether there is an imam or not.

And Allah knows best!

IRS

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4 years 3 months ago #372 by Abu Yusuf
Replied by Abu Yusuf on topic Zakat on currency
wa `alaykum as-salaam wa jazakAllah khayr,

What do they mean by the distinction between currency on transactions or accumulated gain vs currency from earning?

Also, who should the zakat be given to in terms of their religious orientation? For example, in Twelver fiqh the zakat is limited to be given to fellow Shi`as (with exception to the mustad`afeen with the mu'allifat al-qulub). Does any such distinction exist in Zaydi fiqh or is it for all the ahl al-qibla?

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