Zakah calculation.

Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)

 

One of our brothers/sisters has asked this question:

Assalamalekum va rahmatullahi va barkatahu


My question is that we are having 100 gms of gold and my salary is 6500 per month hoe much I had to pay zakath please give the answer

 

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Answer:

 

Zakah calculation

In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is none worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.

 

If the total net worth of any believer (man, woman, or child) is more than the prescribed ‘nisaab’ of 7.5 ‘tolas’ of gold (app. 85 grams or app. Value US$2,100.00), then the person is liable to pay the obligatory annual ‘zakah’ of 2.5% on their excess wealth which has been in their possession for a full calendar year.

 

If the total net worth of any believer is less than the prescribed ‘nisaab’, he/she is not liable to pay any ‘zakah’ until their net worth exceeds the prescribed ‘nisaab’.

 

For the purpose of determining ‘zakah’, the ‘Net Excess Assets’ would be the current market value of all of one’s assets (properties, investments, jewelry, cash, etc.) except:

  1. the value of the house/s one owns and actually lives in
  2. the value of the car/vehicle one uses on a regular basis
  3. the value of the furniture and fixtures one uses on a regular basis.

 

Your Question: ….My question is that we are having 100 gms of gold and my salary is 6500 per month hoe much I had to pay zakath please give the answer

Your monthly salary is absolutely irrelevant when determining ‘zakah’; for ‘zakah’ is not on the income of a believer, but rather on his net excess assets.

 

Assuming that the only excess assets you have is worth 100 grams of gold, and this gold has been in your possession for one full lunar calendar year, then you would be liable to pay zakah on the market value of the gold.

 

Assuming that the market value of gold today is INR 1,150.00 per gram, the total value of your 100 grams of gold would be worth INR 115,000.00, and because the value of your assets are above the prescribed ‘nisaab’ in Shariah, you would be liable to pay 2.50% of INR 115,000.00 or INR 2,875.00 as your ‘zakah’ for this year.

 

Whatever written of Truth and benefit is only due to Allah’s Assistance and Guidance, and whatever of error is of me alone.  Allah Alone Knows Best and He is the Only Source of Strength.

 

Your brother and well wisher in Islam,

 

 

Burhan

 

 

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