Do I have to pay Zakāah?
Question
As salamu alaykum i want to know about my zakat i will have pay or no. i took loan from islamic bank 4 month before 150000 one lak fifty thousand Uae Dhs Aprox(PKR 57 Lak) half i give my friend and half amount i buy car i took this loan for 3 years and now monthly i pay to bank 4800 dhs aprox(1.82000 pkr) and now in my account aprox 36000 dhs its my saving .so i want to know i shoud pay zakat or no if yes how much i pay
thanks so much and i am waiting your reply
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
In principle, discharging zakāh is compulsory on a sane and mature Muslim when his wealth exceeds the niṣāb amount, over and above his basic needs, and after fulfilling his short-term debts, provided one maintains this amount of wealth for one lunar year, without it depleting to $0. If one's wealth ultimately diminishes at any point (to $0.), a new cycle will begin once he reaches niṣāb again. If the total of the remainder of the wealth exceeds the niṣāb rate after the deduction of short-term debts, it will be farḍ on the individual to pay zakāh.
Accordingly, if your wealth exceeds the niṣāb amount, over and above your basic needs, after subtracting your short-term debts, you will have to discharge 2.5% of this wealth as zakāh.
And Allah Ta’āla Knows Best
Abrar Habib
Student - Darul Iftaa
New York City, New York, USA
Checked and Approved by,
Mufti Ebrahim Desai.
- Answered by
- Abrar Habib
- Checked & approved by
- Mufti Ebrahim Desai
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