What is Zakat on money and When is it required?

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14/11/2023 2:47 PM

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What is zakat on money?

God Almighty commanded Muslims to take out part of the money that he gave them and make them subordinate to it, and he made this as one of the five pillars of Islam, as purification and zakat for them, and growth and blessing in their money.

The Almighty says: “Take from their wealth a charity that purify them and sanctify them with it ..(103 Al-Tawbah)

Zakat can be defined as: the increase and growth of money

When is it required?

Zakat is obligatory on the money of Muslims if the conditions and the nisab for zakat that are specifies in the Sharia are available, and the condition for zakat on the money is that the money is stayed one year- Hijri year.

To whom it is obligatory?

It is obligatory for every Muslim, whether male or female, old and young, sane and insane.

 

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Conditions for zakat obligation:

Conditions that must be found in zakat payer:

They are Islam and freedom, so it is not accepted by a non-Muslim and it is not obligatory for a slave.

Conditions that must be found in the money of zakat:

It should be fully owned by the zakat payer, with its growth and increase, and to be more than the original needs, and other conditions that differ according to the type of the money.

Double zakat is prohibited, which means the zakat on money is not paid twice in the same year because of the change of its type. Such as if the zakat of cattle is paid, then if they are sold, zakat is given on their money (this is prohibited).

The money on which zakat is a duty:

Zakat is required in four types of money as defined by the Sharia, which are: cash – merchants’ goods – coming out of the earth (grains, fruits and minerals) – and cattle (cattle that graze on their own most of the year).

How to calculate zakat on money?

It is done by dividing the total amount for which zakat is to be paid by 40. Suppose that the amount from which zakat is to be paid is 100.000 $, zakat is calculated as follows: 100.000/40 = 2.500 $.

There is a second method which is done by dividing the total amount to be paid of zakat by a hundred and the result is multiplied by 2.50. For example, suppose that the amount from which zakat is to be paid is 100.000 $, so zakat is calculated as follows: 100.000/100 = 1000 x 2.50 = 2500 $

The percentage of zakat on cash money is a quarter of one-tenth, which is equivalent to 2.5 %, or the equivalent of 25 per thousand, or the equivalent of 250 per ten thousand, and so on.

Zakat on saved money:

In the case that a lunar year does not pass on the saved money, zakat is not required on it. For example, the nisab of zakat is twenty thousand, so zakat is not required until the sum of the money reaches twenty thousand and then one year has passed on it without becoming less than the nisab – twenty thousand- then the value of zakat must be paid of it, a quarter of one-tenth or 2.5 %.

 

Zakat on money that does not grow:

Zakat is required on money that does not grow in the case that the conditions for the necessity of zakat are found, namely the nisab and the turnover of the year, because banknotes are an alternative to gold and silver, and scholars have unanimously agreed that zakat is obligatory on them even if they are saved.

 

How to calculate zakat on money deposited in the bank:

The money deposited in the bank if it reaches the nisab and its amount is equivalent to its value of 85 grams of gold, and this money has passed a Hijri year – a lunar year – so zakat on money is paid at the rate of 2.5 %.

 

How to calculate zakat on saved money from your salary:

Zakat is required if the money saved from the salary reaches the nisab, and one year has passed.

 

Nisab for zakat on gold and silver and how to calculate it:

Paying its zakat needs reaching the nisab, which is the amount of money that zakat is required upon reaching it, and zakat is not required on money if it is less than it.

The nisab for gold and gold coins is 85 grams of pure gold.

The nisab for silver and silver coins is 595 grams of pure silver.

The nisab of gold, banknotes and coins is estimated at the value equal to 85 grams of pure gold – and pure gold is gold bullion (999) – calculates the obligatory day price in the country of the given money.

As for gold that is not pure gold, the amount of weight mixed with it is dropped.

For example, with regard to gold (18 karat), a quarter of the weight is dropped and the zakat must be paid on the rest.

With regard to gold (12 karat), one eighth of the weight is dropped and the zakat must be paid on the rest.

As well as in impure silver.

The amount to be paid in zakat on gold, silver and currencies is one-fourth of one-tenth (2.5 %)

Gold is added to silver in completing the nisab, and that is by the value.

The value of trade goods is also added with gold and silver to complete the nisab.

 

How to gave zakat on money:

Zakat is given for local transactions, gold, silver and trade goods. It is given by paying 2.5 %, i.e. a quarter of a tenth, if it reaches the nisab and one year has passed – a full lunar year.

 

To whom it is given and what are its disposals:

God Almighty says: “Alms (zakat) is only for the poor and the needy; those in charge of it; those whose hearts may be attracted (to Islam); for freeing those in bondage; for those in debt; for the cause of Allah; and for (the stranded) traveler – as ordained by Allah, for Allah is All-Knowing, All-Wise.”

(Al-Tawbah – 60)

According to the verse, we know who are the people who are entitled to zakat and who are deserving it, and who God has made it possible to pay to them, and it is not allowed to spend anything from it to others unanimously.

 

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