Question 48: Seven years ago, I entered into partnership with a friend in a shop. At that time, I had no money to offer as my share in the capital. My friend and I, thus, borrowed the money from one of my friend’s relatives. We ran the shop for two years then sold it and divided the amount. After a while, Allaah granted me the money to settle my debt. Long before opening this shop, I had another debt that was more than my share in the shop. At that time, I asked a friend of mine, who was a student of knowledge, if I was obliged to pay Zakaah on my share in the shop. He told me that if my debt was equal to my share in the shop then I did not have to pay Zakaah. However, I have now been told that I was obligated to pay Zakaah. Please answer me, am I required to pay Zakaah or not? What should I do now?
Answer: If your share in the money that you both had and in the goods for sale in the shop reached the Nisaab (the minimum amount on which Zakaah is due) and they remained in your possession for a lunar year… read more here.