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
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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 ones assets (properties, investments, jewelry, cash, etc.) except:
- the value of the house one owns and actually lives in
- the value of the car/vehicle one uses on a regular basis
- the value of the furniture and fixtures one uses on a regular basis.
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 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,