Zakaat on the Payout Received from an Insurance Company for the Previous Years

Q: Is zakaat compulsory on the payout received from an insurance company for the previous years?

A: Zakaat is compulsory on the payout received from the insurance company for the previous years. However, it should be known that it is only permissible for one to take back the amount he had given to the insurance company. The extra amount is impermissible and must be given in Sadaqah without the intention of receiving reward.

Note: It is impermissible for a believer to involve himself in any insurance policy as the elements of gambling and interest are found. If a person has taken out an insurance policy of any kind, then he should sincerely repent and cancel the contract.

(و) البيع الباطل ( حكمه عدم ملك المشتري إياه ) إذا قبضه ( فلا ضمان لو هلك ) المبيع ( عنده ) لأنه أمانة وصحح في القنية ضمانه قيل وعليه الفتوى (شامى 5/59)

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

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