What is the threshold of wealth that precludes eligibility for Zakat, what are the scholarly schools of thought, their evidence, and the reason for their differing opinions on this matter, and what is the most preponderant view?
The scholars differed regarding the definition of wealth (ghina) that disqualifies its owner from receiving : Imam Al-Shafi'i held that it is the minimum amount to which the term "wealth" can be applied. Imam Abu Hanifa believed it is possessing the nisaab (minimum taxable amount), citing the of Ibn Abbas as evidence. Imam Malik, however, did not specify a limit for it, considering it subject to (independent reasoning). The reason for their disagreement is whether the prohibitive wealth is a -defined term or a linguistic one. The preponderant view is that the prohibitive wealth is not limited except by what suffices one's needs and achieves self-sufficiency, based on the hadith of Qabisa ibn Mukhariq. Thus, whoever does not find what suffices him is permitted to ask, even if he possesses more than the nisaab.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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