zakaat

Society Religion & Philosophy
1

salaam everybdy,

my question is related to zakat…

suppose i have a bank account just for savings..
is zakat farz on me…?
n any idea how to calculate the amount of zakat on savings.??

2

Re: zakaat

If your total wealth amounts to making you sahib-e-nisab, then, you are supposed to take zakat out of savings account too.

You have to understand though that the interest you are getting on savings account is not your money and it is haram to consume it. You should just give it to places like masjid etc. without the intention of getting sawab.

Take 2.5 percent out of the actual remaining amount in the account for zakat.

3

Re: zakaat

thanks for your reply
wht is sahib e nisab??

i m student n saving my pocket money into a bank account

4

Re: zakaat


You're obliged to pay zakat if you have minimum of 7.5 tola gold or 52 tola silver OR cash equivalent to the amount sitting for at least one year. This amount is called nisab-e-zakat. You will pay zakat on ALL your wealth if you meet the criteria.

5

Re: zakaat


if you aren't a super duper rich and not saving millions, as a student, you don't need to worry about paying zakaat...i don't thin average students save enuf to pay zakaat...:)

7.5 tola gold = 87 grams

do you have savings equivalent to the value of 87 grams of gold?

6

Re: zakaat

Peace gheli,

*Nisab - Conditions for its Fulfillment
*

  1. Payment of Zakat is obligatory once a person's wealth equals or exceeds the "Nisab". The "Nisab" is specified as 85 grammes of pure gold or 595 grammes of pure silver or their equivalent in cash and funds of all types, such as stocks, properties of all kinds, tradable assets and all that is mentioned below, the methodology in estimating the Nisab of Zakat in cash money as follow: price of grame Gold today x 85 = (Nisab). For example, if price of one gramme Gold today is 50.53US$, then Nisab will be 3098.40US$. If you at least have an amount equivalent or exceeds the Nisab, for one full lunar year, you must pay Zakat at 2.5% on this full amount.
7

Re: zakaat

Great answer bro, but interest money should be given to some poor family. its not allowed for masid.

I think 52 tola silver is no longer a standard because of huge price diff between gold and silver. according to current market,

52 tola silver is $550.00

7.5 tola gold is $4500.00

8

Re: zakaat

Peace TLK,

Gold's rate low this year, i think :)

9

Re: zakaat

thank u all for the reply :)

im not rich at all..just worried may b zakat is farz on savings..
now i knw many things :) thx for the info

i have only 40000rs in my bank account
and current rate of gold in pakistan is 57000rs soo not even a 1 tola of savings i have..

guide me if i m wrong.

10

Re: zakaat


Thanks for the correction. You are absolutely right. I was misinformed and wrong in saying that. Indeed, nothing that is najas is allowed for masjid.

11

Re: zakaat


If that is all that is in your possession, then, you are not eligible to pay zakat. You should consult some recognized scholar/mufti just to make sure that is the case.

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Re: zakaat


yup...but, she CAN always give monies in Sadaqa, Khairaat and i'm here who is more than Happy/willing to take it! :D

13

Re: zakaat

Please check carefully,

-Do you have any Gold
-Do you have any Silver
-Do you have any other savings (like Bonds, Shares)
-Do you have saving in any curruncey

The Zakat is on total of above in savings you had for one year.

For example A person has fgollowing

Gold 25 grams 25 * 4851.4 = 121285 Rs
Silver 30 Grams 30 * 81 = 2430
Bonds / Shares = 80000
Savings in Bank and home = 250000

Total = 453715 Rs

Zakat 2.5 % of the total = 11342.88 Rs

Zakat is farz if your saving in a year is equal or more to value of 87 grams of Gold or 603.2 grams of Silver

14

Re: zakaat

i have about 30 to 35 tola gold so how much zakat i have to pay? Kindly help me in calculating. i dnt understand zakat calculation. i dnt have any other savin. do we have to pay zakat on property nd car etc? Weird question :

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Re: zakaat

35 tola is 408grams

16

Re: zakaat

then how mch zakat i have to pay? Plz tell amount in rupees

17

Re: zakaat

if you have 35 tola gold, zakat is price of 0.875 tola gold (you have to pay that much amount)

18

Re: zakaat

Peace,

Is the Zakat is applicable on personal use too? i.e. gold (jewllery) weared by woman.

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Re: zakaat

For some school of thoughts the items in personal use are exampted from Zakat but there is a limit, the personal use will be considered for items which one wear or use all the time. The rest will not be considered as personal use items.

Mostly the term personal use things are like if you have two houses, the house where you stay most of time will be the personal use and other will be wealth. same goes for everything.

The other school of thought consider anything above basic need will be considered as wealth. For them the minimum standards are already set in terms of value of gold or silver and animals. Anyone haveing wealth above that has to pay for it. The present Zakat desuction system by banks in Pakistan is based on the same as it does not calculate the average saving over the year but deducts what ever amount you have on 1st of Ramadan.

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Re: zakaat

Almost all the gold jewelery is always a personal use jewelery. No one wears gold bangles everyday anyways, so how can you separate personal use jewelery from non personal use.