His question is he entitle to give zakat on cash in bank in India.
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:
Assalamualaikum
I have one question regarding zakat: Actually my
friend asked me the following question, I am forwarding to you because I used
to receive mails through my friend, question and answers about Aahadees, zakat,
prayer (trawih) and too many points which we must know.
My friend have cash in bank, gold and some property in
India and he is getting rent from his property also, he got loan from three
Saudi banks almost the same if converted SR to Indian rupees, which he have
cash in bank in India.
His question is he entitle to give zakat on cash in bank in
(There may be some grammatical and spelling
errors in the above statement. The forum does not change anything from
questions, comments and statements received from our readers for circulation in
confidentiality.)
Answer:
Zakah calculations
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 nett worth of any believer is more than the prescribed ‘nisaab’ of 7.5 tolas of gold (app. 85 grams or app. Value US$1,000.00), then the person is liable to pay the obligatory ‘zakah’ of 2.5% on their net excess wealth which has been in their possession for a full calendar year.
Except for the house one actually lives in, the vehicle
one drives or uses, the furniture and fixtures one uses in their daily lives,
the value of everything else one owns will be considered net excess assets upon
which the annual zakah of 2.5% would be due.
Thus lets assume your friend has the following assets and
liabilities:
Total Assets:
Total Liabilities:
Assuming the above are all the assets and the liabilities
of your friend, his net excess assets would be:
US$ 5,000 + 1,000 + 10,000 – 5,000 = US$ 11,000.
Your friend will be liable to pay ‘zakah’ on his net
excess assets of US$11,000.00 at the rate of 2.50% or US$ 275.00.
The monthly/annual rent or revenue one receives from one’s
properties is absolutely irrelevant when determining ‘zakah’.
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