Q: I am a young baaligh teenager and I have a share in a business with my friend. We have not yet cashed out and split the money. The money that is owed to me is more than the nisaab amount. However, we do not have that amount of cash on hand and so that is why we have not cashed out and split the profits. Is zakaat liable on me?
A: Yes, zakaat is compulsory upon you. You will calculate the zakaatable assets of the business i.e. the cash on hand and the merchandise, and thereafter you will discharge 2,5% of your share of the wealth of the business.
As for wealth that is owed to you that you have not yet received, then you have the option of paying the zakaat of such wealth immediately or you can wait till the wealth is received. If the wealth is received after a few years, then you will have to discharge the zakaat of the wealth for all the previous years that the zakaat was not paid.
And Allah Ta'ala (الله تعالى) knows best.
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