Calculating Zakat

25 Nov 2020
Calculating Zakat

Every year I paid Zakath for Gold ( I have more 85 gram) I have saving cash dirham, 8,000 (Do i need pay zakaht, or no need) Please explain?

Fatwa No:

127649

All Praise belongs to Allah, the Lord of all the Worlds and may His peace and blessings be upon our Prophet Muhammad and all his Family and Companions. Dear Brother, May Allah bless you. In order for zakat to be due on your cash wealth, two conditions must be met:  1 - That the cash reaches the nisaab (minimum threshold) 2 - That one lunar year has passed since it reaches the nisaab.  If the money is less than the nisab, then no zakat is due on it. If it reaches the nisab, and one lunar year has passed since the time it reached the nisab, then zakat becomes due at that point. The nisab is the equivalent of 85 grams of gold or 595 grams of silver. The rate that must be paid for zakat is 1/40th of your cash (2.5%).  If you have other non-financial assets or debt they will need to be calculated as well. And Allah knows best.

Summary

In order for zakat to be due on your cash wealth, two conditions must be met:  1 - That the cash reaches the nisaab (minimum threshold) 2 - That one lunar year has passed since it reaches the nisaab.  If the money is less than the nisab, then no zakat is due on it. If it reaches the nisab, and one lunar year has passed since the time it reached the nisab, then zakat becomes due at that point. The nisab is the equivalent of 85 grams of gold or 595 grams of silver. The rate that must be paid for zakat is 1/40th of your cash (2.5%).  If you have other non-financial assets or debt they will need to be calculated as well. And Allah knows best.



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