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:
At first, I would like to praise your working for ISLAM in the form of this great site.
My question is that I have gold & money equal to $4000 for more than a year & it is obviously greater than this year`s Nisab of $2500. I want to know that whether I have to pay Zakah on total or only on excess amount after Nisab`s value. Or I may ask it as 2.5% Zakah on total i.e. $4000 or 2.5% Zakah on the money after Nisab`s value i.e. $4000 - $2500 = $1500.
(There may be some grammatical and spelling errors in the above statement. The forum does not change anything from questions, comments and statements received from our readers for circulation in confidentiality.)
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.
If Allah Subhanah has blessed one amongst His slaves with sustenance more than the value of the nisaab, and the believer has those assets with him for a period of one full lunar calendar year.then the believer is liable to pay annual zakah on the value of his full assets ($4,000.00 in this case) at the rate 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,