How Do I Give Zakat On My Wealth

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Faith IQ

Channel: Faith IQ

Topics: Islam QA,Zakat

Episode Notes

Zakat is one of the pillars of Islam. It is indeed a crucial aspect of our deen. What is the amount of wealth one must possess in order to be paying zakat?

Shaykh Waleed Basyouni​ sheds some light on the topic.

Episode Transcript

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How to give the cat on that wealth that you accumulate through the salaries or whatever income that you have is there isn't as a captain.

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The answer for this is yes. If that amount of money that you possess, for more than a year, we'll be more than that. Actual nisab and nisab. It's the amount of money that if you possess, or you hold for a whole year, you have to give 2.5% of it at what that amount of money, is it a fixed amount? No, it varies because

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it is based on a gold price. So whatever is equal to 85 grams of gold, well be then you stop. So you will go and check in the day that you're going to give this a cat how much the gram of gold is worth. And you will

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do a simple calculation, let's say it is $100. So you'll basically that means 85 times 100. So that will be that nisab. If you if you possess that amount of money, that means you have to give Zakat, if the amount of money that you have is less than that amount, there is no Zakat on you. And how can you do that? Because as you know, we get income, like on a monthly basis. So how would you figure out if that amount I held it for more than a year or not? And no matter him a lot have two ways. One, the first one, which is the most common one, and that's what does it a commended by most of that, fed to account slings and monkeys over the Muslim world, which is you choose one day in the

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year and that will be your Zakat day, let's assume it is Ramadan, 20th. And speaking, which by the way, that the year it is according to the lunar calendar, not the Gregorian calendar. So because if you're going to do it, according to the lunar calendar, it will be 2.5. But if you're going to go with that Gregorian calendar, it will be 2.57. Because as you know, it is

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more days in the Gregorian calendar versus the lunar calendar. app, going back to the point. So this is the day of your cat. And from a bond, let's say 20th. And you will give us a cat in that day, you will see how much you have in your account that day, you have $20,000. So you will give the cat on that amount of money, the 20,000 that you have. And that will be the cat of the year, that we might say chef, but I just deposited 5000, maybe last month, I didn't have it for a year, I know. But the LMS said that the extra will be set up, because it's became almost impossible to keep track of every income and how much it will remain in your account. And there is another way which is if you want to

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be like very kind of

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tight with your account, you will look as to the last 12 statements. And you will see what is the least amount of money that was in your account. So one month you have 5001 month you have 20 100,000. But that 5000 was the least amount that you had. So that means that you possess the 5000 for the whole entire year. And that will be the base for your account. You might say but you chef, until next year, maybe that 10,000 that I have which is extra five, I possess it for a whole year and it didn't give us a cat for it.

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I know that but basically it will be something that you will give it next year, even if it's a little bit late.

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I prefer the first one. It's the most common one.

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But I believe also the second one is acceptable. So that's how you will figure out how to give this a cat and your salaries or

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the wealth that you accumulate over the year.