These stipulations delineate the type of wealth that should be accounted for when calculating zakat: The wealth is yours and under your control.
You do not need to include outstanding debts when calculating zakat. The wealth is subject to development and increasing. After calculating necessary expenses, the wealth meets the requirements of nisab.
Personal belongings, such as clothes, primary homes, food, cars, are exempt from zakat. What is the administrative cost on zakat donations? Do I have to pay my zakat on my home? Do I have to pay my zakat on jewelry? Yes, on jewelry you do not regularly wear and that you own for investment purposes. Do I have to pay my zakat on stocks?
What is the difference between zakat and sadaqah? What is the difference between zakat and zakat al-Fitr? What do you mean when you say Islamic Relief acts as an agent and how does this allow me to pay my zakat al-Fitr in money? On whose behalf do I have to pay zakat al-Fitr?
What if I have young children? This is because the value of silver has plummeted since the time of the Prophet peace be upon him. There are arguments for using either nisab value — many scholars say that it is better to use the silver nisab since it will increase the amount of charity distributed, others say that the gold nisab is closer to the nisab in use at the time of the blessed Prophet peace be upon him.
However, if your assets consist entirely of gold, you must use the gold nisab, and similarly, if they consist entirely of silver then the silver nisab must be used. Gold and silver: Any gold or silver you possess is zakatable, including jewellery according to the Hanafi school, because these two metals have intrinsic monetary value.
Other precious metals and stones are not zakatable unless they were acquired for the purpose of trade. Cash or its equivalent: Cash at home, in bank accounts, savings, money lent to others, saving certificates, bonds, shares, investment certificates and so on, are all taken into account when calculating zakat.
Stock purchased for trade: Any goods you have bought with the intention of selling are included in your zakatable wealth. Except for gold and silver, no zakat is payable on your personal belongings such as a house, car or any goods which were not purchased to trade. I have more money than the nisab but I need it for my living expenses.
If a person possesses wealth exceeding the nisab threshold, but has to pay rent, purchase food, clothing, etc. If, after deducting these costs, the remaining amount is less than the nisab then no zakat is payable. When does the zakat year begin?
The zakat year begins on the date you were first in possession of wealth above the nisab. This will be your seed date, whenever it comes around you will have to calculate zakat, irrespective of any fluctuations in the amount of wealth in your possession. The only situation in which your seed date will change is if you were to become totally bankrupt and lose all your assets and belongings. In this situation, your new seed date will begin when you are once again in possession of wealth above the nisab.
My wealth decreased below the nisab for a few months during the year. Do I still pay zakat? As long as you are in possession of wealth above the nisab threshold at the beginning and end of the zakat year, then zakat will be due, even if your wealth dipped below the nisab for some or most of the year.
I earned a large amount of cash a few days before the zakat year was up. How do I calculate my zakat? You pay zakat when the zakat year has elapsed, irrespective of when particular portions of your wealth came into your possession.
Even if the cash came into your possession a day before the zakat year had elapsed, you would have to pay zakat on it the following day. Yes, zakat is payable on money saved for hajj, provided it is kept for one lunar year, and your total wealth meets the nisab threshold.
To find out if Ahmed is eligible to receive zakat, the value of his second car will have to be taken into account. Sane: The person on whom zakat becomes obligatory must be of sound mind according to Imam Abu Hanifa. Imam Malik holds that an insane person is still liable for zakat. An adult: Children do not have to pay zakat, even if they own enough wealth to make zakat obligatory. In complete ownership and control of their wealth: The person must own and be in possession of the wealth, and also be free to spend or dispose of the wealth in any manner they like.
If a person has made a loan of their wealth then they are not in a position to spend it until it is repaid. In possession of wealth above the nisab threshold: The person should possess wealth above a defined amount required to satisfy the essential needs of themselves and their dependents nisab. Free from debt: Someone in debt may deduct his debts from his assets, if what remains is still above the nisab threshold, zakat is due, otherwise not. Zakat is the third pillar of Islam. It is an obligatory act of charity amounting to 2.
Zakat is intended to purify our wealth, not only physically, but also spiritually. It purifies our heart against selfishness as well as ensuring that society's poorest are protected against hunger and destitution.
A common misconception is that Zakat is a form of tax. However, it is a spiritual obligation in which we will be accountable to Allah directly. Zakat plays a key role in supporting the poorest in the community, through providing them with essential aid as well as helping them come out of a life of poverty. You must pay Zakat if, firstly, you are an adult Muslim of sound mind, and secondly, you have possessed the minimum amount of wealth known as Nisab for one lunar year.
Nisab must be maintained for one lunar year for Zakat to be required and must be paid as soon as it is due. Your Zakat year therefore starts on the date your wealth first equalled or exceeded the Nisab and should be calculated on that date for each subsequent year.
Our Prophet Muhammed saw has set Nisab at the rate equivalent to Today, this is usually the equivalent value in your local currency. In the Hanafi madhab, the value of silver is used to determine the Nisab eligibility to pay Zakat.
In other madhabs, the value of gold is used. The value of gold and silver changes daily, so your Zakat payment will vary a little each year.
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