Answered by Shaykh Abu Usamah
I wanted to know if Zakat is an obligation (fard) on me? My reality is that I am a Full time Student at a University. I do not have a part time job, however I do get some allowances from my parents for expenses such as food, travel, books and the likes. Can you please also tell if I am not obliged, when will it become incumbent upon me to pay zakat?
Al-Salam `alaykum
When a mature person becomes the owner of the Nisab amount (*) for the first time his Zakah year begins. Thereafter on the same Islamic date the following year if he still possesses Nisab or more – notwithstanding any fluctuations in his balance during the course of the year – he must give Zakah for all the wealth he possesses at this time at the rate of 2.5%.
(*) Nisab is the monetary equivalent of 87.49g of gold or 613.35g of silver. The amount in your local currency can usually be ascertained from a reliable local Ulama body.
On your Zakah evaluation date you simply have to total all your Zakatable assets and subtract your liabilities from this total. This will give you a net amount upon which Zakah must be paid.
Abu Usamah