Fatwa #1463614 October 2006South Africa
My question regards the payment of Zakaat. I understand that if you have assets
Question
Slmz
My question regards the payment of Zakaat. I understand that if you have assets
it is subject to zakaat. I have cash on hand, in a bank account and invested in
unit trusts. The source of the money is gifts and as provided by family, I have
no income yet as I am still studying. Is the money and investments I have
subject to Zakaat?
Looking forward to your response,
Shukran, Wassalaam
Answer
Assalamu Alaikum Warahmatullah
Brother/Sister in Islam
If a person possesses 612.35 grams of silver or 87.479 grams of gold or any currency that equals the value of this amount of gold or silver, and this wealth remains in his possession for a complete year, then on the expiry of this year it will be Wajib on him to give Zakat. If his wealth is less than this, Zakat will not be Wajib. If it is more than this, Zakat will still be Wajib. Therefore if the cash on hand, the amount in the bank and shares are equivalent or more than the minimum Zakatable amount and you do not have liabilities, then you should pay 2 ½ % on the full amount as explained above.
And Allah Knows Best
Mufti Ebrahim Desai
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