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Regarding zakat , i have approx. 600 grams of gold.

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:

 

as salam alaikum wa rahamatullahi wa barkatahu

regarding zakat , i have approx. 600 grams of gold. while paying zakat i will have to pay on full 600 grams or excluding the nisaab of 7.5 tolas.please guide.

 

& also tell me the how to calculate zakat on cash savings or fixed deposits & property owned.& the extra house which is giving monthly income of rent to us.

please guide us.

jazakallah khair.

zareen

 

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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.

 

Your Question: regarding zakat , i have approx. 600 grams of gold. while paying zakat i will have to pay on full 600 grams or excluding the nisaab of 7.5 tolas.please guide.

If the total value of ones excess wealth is over the prescribed nisaab amount, one would be required to pay the annual zakah on ones full excess wealth at the rate of 2.5% of its fair market value.

 

Thus if ones total excess wealth is 600 grams of gold, which is obviously above the prescribed nisaab amount; thus one annual zakah would be calculated as 2.5% of 600grams of gold; ie. 15 grams of gold or equivalent value in cash.

 

Your Question: & also tell me the how to calculate zakat on cash savings or fixed deposits & property owned.& the extra house which is giving monthly income of rent to us.

The cash savings, and the fixed deposits, and the market value of all the properties (except for the house one lives in), which have been in ones possession for a period of one full calendar year would be liable for zakah at the rate of 2.5% of its current market value.

 

Zakah in Islam is calculated on the value of the excess property/properties and not on the monthly or annual income. Even if one derives no income from ones investments, holdings, or properties, etc.; one would be liable to pay the annual zakah on the market value of these assets @ of 2.50%.

 

Whatever written of Truth and benefit is only due to Allahs 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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