Zakat

Does zakat is applied on diamond?

Zakat

29 Mar

ANSWER: If this is possessed as jewelry, there is no zakat on it. But if one is trading with it, there is zakat.

I have a fixed deposit in the bank which is matuaring in 1 year. Do I have to pay Zakath on it. The profit is shared only at the maturing time I.e. 1 year

Riba, Zakat

29 Mar

ANSWER: If the amount is saved for one lunar year and the amount reaches the nissab then you have to pay the zakat on the full amount. If this is a conventional bank, this is clear riba and it is one of the 7 major sins in islam.

As we know the difference in price of gold and silver is quite big, which one should we consider as threshold for paying Zakat? Cost of 595 grams of Silver is pretty low when it is compared with 85 grams of gold. Jazakallah Khair.

Zakat

28 Mar

ANSWER: Cost of silver is considered for paying zakat. If you have cash money that is equivalent to 595 grams of silver or more and stays with you a whole hijri year, you must give zakat on that.

After calculating my due zakat every year,can i gather this calculated zakah of 3 years in order to make it a handsome amount and give it to needy family at one time only so that this amount can serve the family a purpose to marry their daughter?

Zakat

26 Mar

ANSWER: This is absolutely not permissible. You must give the zakat as soon as the time is due. A delay of a couple of days is ok but it’s not permissible at all what you mentioned. You can pay your zakat in advance for a year or two but not delay it!

Zakat on my Investment which is stuck up and I cannot retrieve it at the moment – Assim Al Hakeem

Videos, Zakat

20 Mar

Need One to One live Counseling with Sheikh Assim?: https://www.assimalhakeem.net/announcement/ Do you have a question: …

Can i give zakat on my paper money on the value of gold instead of silver.If no,& i must give on the value of silver then i dont knw whether 1 hijri year has already completed on my paper money on value of silver.One thing i can say is tht the money is already above the nisab of silver.If u say give zakat on paper money on nisab of gold then i dont hve tht amount yet.It will be easy for me then.

Zakat

15 Mar

ANSWER: Zakat must be given on paper money on the value of silver if you possess it for a whole lunar year!

Should i give zakat on my paper money on the nisaab of GOLD or SILVER,if gold than 18,22,or 24 karat gold which one?If silver than my money is way above the nisab of silver?I dont knw whether 1 hijri year on it is full on it or not?Can i choose gold?

Zakat

11 Mar

ANSWER: The zakat on gold is when it reaches 85 grams of 24 carat. The value of the cash money is measured through the value of silver which the minimum of it must be 595 grams of silver or more.

Zakat on Investment Amount or on Returns (Capital or Profit)? – Sheikh Assim Al Hakeem

Articles, Q&A/Fatwas, Videos, Zakat

06 Mar

Need One to One live Counseling with Sheikh Assim?: https://www.assimalhakeem.net/announcement/ Do you have a question: …

I stopped wearing a gold necklace I used to wear everyday and put it aside for two years or so. I recently remembered about this and I am wondering how it will affect in the calculation of zakah.

Zakat

24 Feb

ANSWER: Your wearing or not wearing does not exclude it from the zakat. If you have gold above the threshold and one lunar year has passed over it then the gold is zakatable. If you gave your zakat on gold but forgot to include this one, you must give it now for the past two […]

My question is that zakat is on savings of a year or of all time?Like if I saved 1000 dollars last year and 1000 this year so Zakat will be on on 1000 dollars or the 2000 dollars combined as someone told me it is not on last year’s savings

Zakat

22 Feb

ANSWER: What he has said is totally wrong. The zakat in on all your savings, 2000 in this case.

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