How to calculate zakaat

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I’d like to know how to calculate zakaat. I am 25 years old and have never paid it as I don’t know how to calculate it. I do tutoring for 2 children, I have some shares, I have some money in my bank account and I have money in a money box but I don’t know how much money I have in that money box. I also have some gold jewellery of which I wear some of it but not all and I don’t know the value of it.

Is it true that you have to also pay zakat on clothing that you have not used in over a year? Please assist. 

Bismillaah

A:

1. Add the value of all the zakaatable items in your ownership (e.g. monies in the bank, in the money box or in your possession, the value of zakaatable assets of the shares, gold jewellery, etc). If they reach the nisaab amount or more than the nisaab amount after deducting liabilities and debts, then you will have to pay zakaat of 2.5% of the total value of all these items. To view the items which are zakaatable, refer to http://muftionline.co.za/node/11528.

If zakaat was waajib upon your wealth for the previous years and you did not discharge the zakaat, then you should also discharge the zakaat of the previous years.  For further details refer to http://muftionline.co.za/node/43

2. No

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

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