Q: What type of ownership is required of an asset for it to be Zakatable?

A: Complete ownership is required of an asset. Complete ownership refers to having ownership and the ability to benefit from a Zakatable asset. It is not necessary to have direct possession; one may have indirect possession such as having cash deposited in the bank or money kept with a relative. This is agreed upon by the mainstream schools of jurisprudence.

And Allah knows best1

Mufti Faraz Adam