Message No : 27Sr.No : 612/725
Question By : FAKHAR UDDIN AHMED

Assalamu Alaikum
Q.1. What is the amount of money on which Zakat is wajib, is it value of silver measuring 52 Tolas or 7.5 tolas gold.(one tola= 11.664grams).
Q2. If a given amount of money attracts Zakat, is it necessary that the same amount has to remain undisturbed ( at least not reduced) during a whole lunar year.
Q.3. I am investing some money in mutual fund by monthly installments, is it correct to assume that only the amount which have completed one year on the date of calculation/accounting will attract Zakat.
Q.4. Is any Zakat applicable on the compulsory savings in the Provident fund by the employees. If so, how to calculate?
Q. 5. I have a plot of land purchased for commercial use with a half built building and this is not essential for my livelihood, but no income like rent etc. is gained as of now, does it attract Zakat?
Kindly favor me by answering with quotes from source and help thereby. Please remember me in DUA.
- YOURS BROTHERLY, Fakhar Uddin Ahmed, Silchar, Assam.
Q.6. I live in ground floor and the first floor is half constructed partly for relief from sun heat and partly for secu on which part of the ins

 

Reply By : (Mufti) Jaseemuddin Qasmi
Designation : Coordinator Online Darul Ifta, Markazul Maarif, Mumbai 

Wa alaikumussalam

A.1. The amount of money on which Zakat is mandatory, is value of silver measuring 52.5 Tola =6 12.360mg or 7.5 Tola gold=87.480mg.

A.2. Yes, whole lunar year has to pass on Nisab-e-Zakat (said amount) for Zakat.
A.3. No, but invested money in mutual fund by monthly installments will attract Zakat whenever it completes one year, though before the date of calculation.
It is important to note that each amount of money does not need to complete one year but if someone owns Nisab-e-zakat, then he gets some same kind of wealth few month before the nisab completes year, then Zakat will be imposed on the whole wealth owned by that person on the day when nisab completes its year. It does not make any difference if some amount is yet to complete the year.(Hidaya vol:1 Page:175)

A.4. No, Zakat is not farz on the compulsory savings in the provident fund.

A.5. Yes, it will attract Zakat, because Zakat is due upon articles of merchandise, of whatever description, where the value amounts to a Nisab either of gold or silver. (Hidaya)

A.6. The question is not clear.


(Mufti) Jaseemuddin Qasmi
25/10/2011
Coordinator Online Darul Ifta, Markazul Maarif, Mumbai

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