Discharging Zakaat on currency kept in one’s possession for safe keeping

Q. Mufti Saheb. I have × amount of dollars, (+-190k rands). I needed to renovate my house, so a family member said, “Take money from us (150k) and don’t change the dollars. When we need it, you can give it to us. For now, keep it by you.” Now, my question is, when I pay zakaat, do I pay for all the dollars I got, or should I deduct the amount I owe and work out my zakaat for balance of the money?

A. In the enquired case, if R150k was given to you in exchange for dollars valued at R190k, the dollars valued at 190k does not belong to you. It belongs to the family member that had given you R150k in lieu of the dollars valued at R190k.

Therefore, it will not be your responsibility to discharge the Zakaat due on the dollars. It is the responsibility of your family member to whom it belongs to discharge the Zakaat due on the dollars. However, you will be responsible in discharging the Zakaat due on the R150k or the remainder of it that is in your possession.

Allah Ta’ala Knows Best

Mufti Ismaeel Bassa