What is the Zakat on my wealth, or how is it to be paid, given that I have a saved amount, debts that have not yet been collected, four sheep, and debts upon me, including a debt of my late father?
The on money must be paid every year if it reaches the (minimum threshold) and a hawl (one lunar year) passes over it. If several years have passed without Zakat being paid, one must estimate the first year in which the money reached the nisab and Zakat became obligatory. The nisab is equivalent to 85 grams of gold or 595 grams of silver.
To calculate Zakat when there are debts: Add up your money and the debts owed to you by others, then subtract the debts you owe. If the remaining amount reaches the nisab and a hawl passes over it, then Zakat is due on it.
It is a condition for the Zakat on a debt owed to you that it be likely to be repaid. Otherwise, Zakat is not obligatory on it until it is received, at which point Zakat is paid for one year.
There is no Zakat on sheep unless they are designated for trade. In that case, their value is assessed when the hawl passes, added to one's money, and Zakat is paid on it.
A debt owed to you by your father or a debt owed by you to your father is treated like any other debt in Zakat calculation. Your share of an inheritance is not considered a debt because it becomes your property immediately upon the death of the inheritor, provided there are no debts that prevent the inheritance.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/81001
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 81001
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy