Question
Do I pay Zakaat on my Takafol insurance?
Answer
Takafol insurance is just as haraam as conventional insurance. There is no Zakaat payable on insurance. Once you make the payment, the money no longer belongs to you. It becomes the haraam property of the bank.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 21 No 01
- PDF page
- 5
Appears under Questions and Answers (approximate).