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Zakaat on Money

Answered as per Hanafi Fiqh by ShariahBoard.org

Hi,

I wanted some understanding on giving zakaat based on the money you have. So below is an example of a scenario and i would like to know rough approoximate of how much zakaat we should give.

1st Scenario

10k in bank + 15k in stocks and 15k in car loan  (Montly payments) = How is the zakaat calculated on this type of scenario (i.e US Dollars)

2nd Scenario

35k in bank + 300k house loan and 25k car loan 

بسم اللہ الرحمن الرحیم

الجواب وباللہ التوفیق

In this case, calculate the following:

a. The amount of outstanding car and home loan installments remaining for this year;

b. The amount you have invested in stocks, based on their current value;

c.  The money deposited in your bank accounts;

d. And finally, any amount available with you at your home;

Sum up the above amounts (a-d) and pay two and a half percent (2-1/2%) of the total amount as Zakat.

وذکر البزدوي في شرح الجامع الکبیر: قال مشائخنا رحمھم اللہ تعالیٰ فی رجل علیہ مھر مؤجل لامرأ تہ ، وھو لا یرید أداؤہ لا یجعل مانعاً من الزکاۃ لعدم المطالبۃ في العادۃ وأنہ حسن (الفتاوی الہندیۃ: ۱/۱۹۰

“(وسببه) أي سبب افتراضها (ملك نصاب حولي) نسبة للحول؛ لحولانه عليه (تام) … (فارغ عن دين له مطالب من جهة العباد)”

(‘وفي الأشباه: كل قرض جر نفعاً حرام۔

“(قوله: كل قرض جر نفعاً حرام) أي إذا كان مشروطاً” (ردالمحتار) (2/ 259

فقط واللہ اعلم بالصواب

This answer was collected from Shariahboard.org. It was established under the supervision of the eminent faqih of our era, Hazrat Shah Mufti Mohammed Navalur Rahman damat barakatuhum.

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