Calculating zakaat

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I wrote my gate exam. If I get qualified or get a rank then I will get a monthly stipend for my m.tech, around 12 500. Do I have to pay zakaat on that money?

If yes, then tell me the procedure. I mean is it compulsory on me to search for a needy person and give him or can I give it to anyone? Can it be added to an investment for the welfare of people/community by saving for public requirements in villages like for well, hospitals etc.?

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Bismillaah

A: The principle in regard to zakaat is that the day one acquires wealth which equals the nisaab amount of zakaat or more (ie after deducting all debts and liabilities) and the wealth remains for an entire year, (even if the wealth decreases during the year provided one does not lose all the wealth) then the following lunar year, on the same date one acquired the wealth the previous year, one should pay two and a half percent of the wealth in zakaat. The zakaat should be given to poor Muslims.

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

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

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