Nisab for zakah.
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:
Mu`
meneen Brother,
As
Salaam Aleikum wa Rahmatullahi wa Barakatuh. (May Allah`s Peace, Mercy and
Blessings be upon all of you)
RAMADAN
KAREEM.
My
Question is
1-How do you calculate the zakkat that you are expected to give the poor? 2-If
you have debt on you (owing some money like a car loan or house mortgage), are
you still supposed to give out zakkat?
please could you give me the details and expectations and also at what stage in
ones life he is expected to start giving out zakkat
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errors in the above statement. The forum does not change anything from
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Answer:
Nisab for zakah
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.
Q-1: How
do you calculate the zakkat that you are expected to give the poor?
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 period of one full lunar 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:
Thus for example say the person has the following assets
(which have been in their ownership for one full lunar year) and liabilities:
The net excess assets for the person for the year would be
(10,000 + 50,000 + 10,000 + 5,000) or 75,000.00 – 12,000.00 (loans) or
63,000.00; and he/she would be liable to pay 2.50% on 63,00.00.00 or 1,575.00
as ‘zakah’.
Q-2: If
you have debt on you (owing some money like a car loan or house mortgage), are
you still supposed to give out zakkat?
The current market value of all of one’s zakatable assets
less one’s loans (or debts, or liabilities) would equal their net excess
assets; and one would be liable to pay 2.50% ‘zakah’ on only one’s net excess
assets which have been in one’s possession for a period of one full calendar
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