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:
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.
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.
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Net excess assets zakah
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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’.
Furthermore, pls. tell me that which fiqa you follow while replying the
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,