How to calculate Zakaat

Question ID: 
2073
dil***@live.com asks:

Question

Aslm I need a help on zakaat.for the first time i will do zakaat as a couple. Can you advice me how should i proceed. I have a savings of 82000rs and a bank loan of 350000. My wife has a savings of 50000rs and a bank loan of 450000rs. We have gold jeweleries of 61grams and silver of 4.83 grams. Kindly advice me how much should i do for zakaat. Thank you for consideration.

Answer

Wa alaikumus Salaam warahmatullaahi wabarakaatuh

Firstly, keep in mind that Zakaat is wajib (compulsory) upon a person who possesses the amount of nisaab, in any of the following forms:

1. Gold 87.48 gm
2. Silver 612.36 gm
3. Cash Rs 45,000 ( year 2021)
4. Commodities amounting to Rs 45,000

The nisaab will be considered when the amount is over and above his basic needs and after fulfilling his debts.

Therefore, if a person has so much debts that if he had to fulfil the debt, he would have a remainder of wealth which is equal to or more than the nisaab, then zakaat will be wajib on the remainder of the wealth.

But if the amount of debts engulfs the whole wealth, or the remainder of the wealth is less than the nisaab after fulfilling the debt, then zakaat will not be wajib.

Secondly, each person has to exclusively calculate his possessions to see whether he possesses nisaab or not. Husband and wife are not supposed to calculate their nisaab and then fulfil their zakaat collectively. In your query you mentioned that we have gold / silver jewelleries. Please specify who is the actual owner of the jewelleries and the exact amount.

With respect to your loan, if this is a short-term debt which is due within a year, then you would deduct that entire amount before seeing if you have nisab or not.

If it is a long-term debt which is due after one year, then you would deduct the upcoming monthly installment, or at most up to one year. Aside from that amount, you would see if the rest met the amount of nisaab or not to see if zakaat is waajib on you.

You may still get back to us for more details if you need more specific explanation.

We also seize this opportunity to advise you with regard to Interest based loan, regardless of which bank or financial institution it was taken from, is impermissible and haraam as per the Quranic verses and the Ahadith of Rasulullah Sallallaho Alyhi Wasallam. This apply to someone who is earning the interest money or/and paying interest as well.

Allah ta’aala mentioned in the Quraan:

"Allah permitted the sale and forbade Riba" (Verse 275, Surah Al Baqarah)

Nabi ( Sallallaahu alaihi wasallam) said that:

"Every loan which attracts benefit is Riba".

Therefore, we should always do our best to earn our income in a halal way and at the same time avoid haraam dealings like interest etc.

Approved by:
Mufti Usmaan
For the Jamiatul Ulama of Mauritius