How is zakat calculated on money saved to pay annual rent, knowing that the amount has exceeded the nisab of silver, and the rent will be paid a few days before the end of the hawl (zakat year)? Is the rent amount deducted when calculating zakat? And which exchange rate for silver is relied upon in calculating the nisab?
is obligatory on wealth that reaches the (minimum threshold) if a hawl (lunar year) has passed on it. The hawl begins when the wealth reaches the nisab. If the wealth falls below the nisab during the hawl, the hawl is interrupted and resumes anew when the nisab is reached again.
If the annual rent is paid before the due date of Zakat, then there is no Zakat on it. What remains is subject to Zakat if it reaches the nisab. If it does not reach the nisab, there is no Zakat on it, its hawl is interrupted, and a new hawl begins when it reaches the nisab.
The nisab for banknotes is the equivalent of 595 grams of silver or 85 grams of gold. The market price of silver is considered.
Summarized from the full answer at Ftawy · imported
Read the full answer on Ftawyhttps://ftawy.com/en/questions/13072
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 13072
- Imported
- Translation status
- Source text, unreviewed
- Read the full ruling
- Read the full answer on Ftawy