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What is the minimum wealth in GB or USD that Zakat is payable on?

Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)

 

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Salam alaikum,


What is the minimum wealth in GB or USD that Zakat is payable on?

Does the wealth only includes money? If not what are the other forms of wealth that Zakat is payable on.

Happy if some other conditions applicable to paying zakat is included.

 

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Answer:

 

Nisaab in 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.

 

Your Question: What is the minimum wealth in GB or USD that Zakat is payable on?


In principle, zakah is to be paid every year on the excess wealth of every believer (man, woman, or child) after it has been in their possession for a period of one calendar year.

 

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 zakat of 2.5% on their excess wealth which has been in their possession for a full calendar year.

 

Your Question: Does the wealth only includes money? If not what are the other forms of wealth that Zakat is payable on.

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 excess assets upon which the annual zakah of 2.5% would be due.

 

Thus if one has cash left over after ones total annual expenses are paid, or one has investments in property or stocks, etc.; or one has gold and jewelry, etc.; or one has any other assets except the house one actually lives in, or the vehicle, furniture and fixtures one uses to live their daily life .. every other asset will be liable to an annual zakah of 2.5% of its market value.

 

Your Question: Happy if some other conditions applicable to paying zakat is included.

Allah Says in the Holy Quran Chapter 9 Surah Taubah verse 60:

60 Alms are for the poor, and the needy, and those employed to administer the (funds), for those whose hearts have been (recently) reconciled (to the Truth), for those in bondage and in debt, in the Cause of Allah, and for the wayfarer: (thus is it) ordained by Allah and Allah is full of Knowledge and Wisdom.

 

Allah Subhanah has prescribed and Decreed that zakah funds can only be spent on any of the above eight listed categories:

  1. To the poor
  2. To the needy
  3. To those who are employed to administer the zakah funds
  4. To those whose hearts have recently been reconciled to the Truth of Islam (new-muslims)
  5. For those in bondage
  6. For those in debt
  7. In the Cause of Allah
  8. To the way-farer or traveler

 

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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