Zakah calculations.
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:
Pl
calculate my zakat Details is as below Amount in RS 45,000.00 CASH 100,000.00
INVESTMENT IN NATIONAL SAVING CER 50,000.00 AMOUNT OF GOLD 266,085.00 MONEY IN
PROVIDEND FUND ( NOT ABLE TO USE THIS AMOUNT FOR SOME YEARS ) 8,848.00 PRIMIUM
OF LIC POLICY 5,500.00 MARKET VALUE OF SHARES 475,433.00 TOTAL
45,000.00 DUE FROM RELATIVE 9,000.00 DUE FOR VECHALE LOAN 54,000.00
Jazakalha
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errors in the above statement. The forum does not change anything from
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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 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:
Ref:
45,000.00 DUE FROM RELATIVE
The majority of the scholars and jurists in Islam are of
the opinion that the one who gives the loan is the inherent owner of that
wealth, and thus he would indeed be liable to pay its annual ‘zakah’.
Some scholars have opined that if one has given a loan and
is absolutely confident that the debtor will repay the loan, they should pay
its due ‘zakah’ annually; but if one has given a loan and is not absolutely
confident that the debtor might pay back their loan, there is no harm if one
postpones the paying of the accrued ‘zakah’ when their loan is repaid.
In the situation stated by you and assuming that you are
confident that your 45,000.00 will be repaid by your relative, your total
assets are worth (475,433.00 + 45,000.00) 520,433.00. Your total liabilities as per your statement
is 9,000.00.
Provided your assets have been in your possession for a
period of one calendar year, you will be liable to pay your ‘zakah’ for the
current year on (520,433.00 – 9,000.00) 511,433.00 at the rate of 2.50% or
12,785.83.
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