Zakah on the money of a cooperative fund dedicated for offering loans only for its members

Fatwa no. 21471 We, 14 persons, agreed to establish a society which we called 'Cooperative Fund'. The idea is that each of us pays 500 Riyals as the fund's capital. Later, each person should pay 100 Riyals per month. This began in 4/1420 AH and continues up till now without anyone having withdrawn. However, we agreed on a provision permitting others to join provided that they pay a sum of money equal to that paid by each of us in order to have a total of equal balances so that accounting (Part No. 8; Page No. 193

A: Each person should pay Zakah due on his share of the fund once the Hawl has passed. This is regardless whether their share is still in the fund or a receivable. However, it is unobjectionable for all of you to authorize one of you to pay Zakah when due on your behalf.May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.