i earn £16,000 per year and i have debts from my university days to £5000. How much Zakat should i pay per year
I am not entirely confident in my knowledge of paying Zakat…i earn £16,000 per year and i have debts from my university days to £5000. How much Zakat should i pay per year. Does my zakat paid per year, cover the zakat paid by my whole family (ie.wife and myself)
In principle, all liabilities are excluded in the calculation of Zakat. Furthermore, Zakat is payable on the excess amount which is free from basic needs and one year has passed over that amount. If you earn (Pounds)16 000 per year and is used every month in fulfilling your basic needs, then there is no Zakat on that amount. If there was any excess amount equivalent or more than the minimum zakat able amount from 16 000 and one year has passed over that amount which is free from debt, then only it will be zakat able at 2.5%. Zakat is compulsory upon every individual according to his/her financial position.
The husband paying his zakat does not absolve the wife from paying her Zakat if she is obliged to do so according to the laws of Zakat.
and Allah Ta’ala Knows Best
Mufti Ebrahim Desai