Nisaab and zakaat

Question ID: 23296

1. What time of year is zakat due?
2. How much is zakat?
3. Is zakat due on interest
4. Is zakat due in holding deposit rent amounts which are returned after a year or so?
5. I get paid rent – the rent goes towards monthly mortgage expenses – nothing is really saved so is zakat due?
6. If I am holding in other accounts 200 or 400 is zakat due on this?
7. What about jewellery – what is the weight on which zakat should be paid?
JazakhaAllah khair

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Asked on September 29, 2016 1:10 am
Private answer

السَّلاَمُ عَلَيْكُمْ وَرَحْمَةُاللهِ وَبَرَكَاتُهُ

1.) Yearly.
2.) 2 and a half % of excess wealth is higher than the Nisaab.
3.) No.
4.) Put these amounts under assets.
5.) Put that under liabilities.
6.) If it above the ‘Nisaab’, yes.
7.) Know the Zakaat formula is: Assets minus liabilities – 2 and a half % thereof if above the Nisaab.

وَعَلَيْكُمُ السَّلَام وَرَحْمَةُ اللَّهِ وَبَرَكَاتُهُ وَمَغْفِرَتُهُ
Mufti Elias

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Answered on October 3, 2016 12:38 pm