Zakaat on crypto

#1

Salaam mufti

I have a question in relation to zakaat on crypto.

Is it as simple as taking a snapshot on anniversary date of holdings, converting to gbp and taking out 2.5% of this? Do we need to work out the projects operating costs, review balance sheet etc?

Also by when must zakaat be paid/ distributed after it has been calculated. Ie- can we calculate, then wait to take profits in bull-run? Or is there a time period upon which you must settle zakaat due by?

Also, is it permissible to borrow from friends family to settle zakaat or must it come
From ones own wealth?

And finally Can zakaat be given to an orphanage who looks after the orphans - where the orphan in particular is not the owner of the zakaat.

Jzk

1 Like
#2

Good question, wating for an anwser, the only difference in my case, that iam living in Switzerland :grinning: جزاكم الله كل خير