Zakaat on stock inventory

Question:

ASSALAM U ALAIKUM

I WOULD LIKE TO FIND OUT IF YOU HAVE STOCK FOR TRADE LIKE HARDWARE ITEMS…THEN ZAKAAT MUST BE PAID ON THIS. HOWEVER IS ZAKAAT PAID ON THE STOCK AT HAND PRESENTLY OR ON STOCK THAT YOU HAVE OVER ONE YEAR.

Answer:

Wa Alaikum As Salaam,

If you have the Nisaab already, then you need to pay on all the stock at hand. On these, you do not have to wait for one year to pass over it.

Mufti Waseem Khan.
24/7/2012