Message No : 26Sr.No : 590/725
Question By : Zafrul Hasan Ansari

Assalamu Alaikum

I have few queries regarding Zakat. I am putting investment details below. Please help me to give answer against each question as per Shariah Law.
1. Insurance Policy enforce for last 5 years. 2 Savings in bank account - every month I am depositing some money and withdrawing money for daily use. 3. Investment in shares / Mutual fund. 4. Gold / Silver jewelry. 5. Two wheeler. 6. Loan given to friends. Remember me in Duwa.

 

Reply By : Asadullah Qasmi
Designation : Mufti, ODI, MMERC, Mumbai 

In the name of Allah the most Gracious the most Merciful
The answer to your question is as follows:
In principle, Zakat will become compulsory on one¡¯s wealth when it reaches or exceeds the nisab provided that this amount of wealth remains in ones possession for the duration of one entire lunar year.
The nisab is 20 Mithqals (87.479 g) for gold and 200 Dirhams (612.35 g) for silver.
Therefore, after reaching either the nisab or its value, you will have to discharge 2.5% of your above mentioned assets. The detail is as bellow:
1 The actual amount from your all premiums that you have in the company, Zakat is Wajib on it.
2 Zakat is wajib on the outstanding amount in your saving account at the date of paying or calculating for Zakat along with other money.
3 Investment in shares / mutual funds is subject to Zakat at the market value.
4 You will have to pay the Zakat as per the price of the jewellery at the end of the concerning year:
5 No Zakat shall be wajib on the car that is for use.
6 Zakat is Wajib on the loan amount given to the friend every lunar year, but paying Zakat is not obligatory till the amount is with your friend. And there is an option for you that, either you should pay Zakat of that amount every year along with other amount that have or after receiving the amount you should pay Zakat for all previous years.(And Allah knows The Best)

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