I think ZAKAT is obligatory on following 04 things. 1. GOLD 2. SILVER 3. CASH 4. TRADING GOODS
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:
Dear Burhan,
This is in reference of your below reply regarding Zakat on Watches.
I would like to know that as for as my little knowledge I think ZAKAT is obligatory
on following 04 things.
1. GOLD
2. SILVER
3. CASH
4. TRADING GOODS
while reading your reply of ZAKAT on watches, i do not understand as watches is
his personal use and is not included in above four things.
Furthermore, pls. tell me that which fiqa you follow while replying the question.
Your
prompt response is requested.
(There may be some grammatical and spelling
errors in the above statement. The forum does not change anything from
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confidentiality.)
Answer:
Net excess assets
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.
If the total nett 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$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.
For the purpose of determining ‘zakah’, the ‘Net Excess
Assets’ would be the current market value of all of one’s assets (properties,
jewelry, cash, trading goods, etc. less one’s total liabilities or loans)
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.
Your
Question: ….while reading your reply of ZAKAT on watches, i do not understand
as watches is his personal use and is not included in above four things.
Respected brother, the value of watches may range from a
few dollars to a million dollars!
Thus if one owns a normal watch and personally uses it,
indeed it would be exempt from ‘zakah’….but if one owns a collection of
valuable watches, or the watch one uses or wears is expensive….then it would be
included in the person’s excess assets and one would be liable to pay its
‘zakah’.
Your Question:
Furthermore, pls. tell me that which fiqa you follow while replying the
question.
Beloved brother, we
do not prescribe to any one school of thought, but rather we respect the
opinion of all of the four major schools of thought in Islam….and we absolutely
assure you that all of the four major schools of thought in Islam are unanimous
in their opinion regarding the above determination of ‘zakah’.
Whatever written of Truth and benefit is only
due to Allah’s 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