Zakah calculation

 

Question:

Assalam Alaikum,

I would like to know the best way to calculate zakat. There are many website that offers calculations based on income and assets you have. Please advise as I owned rental properties as well as other business I also have mortgage and other liabilities such as credit card bills ( for which I pay no interest ).
Jazakallah Khair

 

Answer:

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

In principle, after deducting one’s liabilities (see definition below), if one has Zakatable wealth equal to or more than the amount of Nisaab, then 2.5% of this amount must be paid in Zakah.

There is no Zakah on rental properties. Zakah is due on the market price of the business stock.

See the terminologies below:

Terminologies:

 

Zakatable Assets: Gold, Silver, Cash, and business stock

 

Liabilities: Any outstanding (not future) debts that have not yet been paid for and are due within the next 12 months.

 

Nisaab: 612.36 grams of silver ($343 as of June 13, 2016)

 

And Allah Ta’āla Knows Best

(Mufti) Abdul Azeem bin Abdur Rahman

 

Disclaimer:

 

The Shar’a ruling herein given is based specifically on the question posed and should be read in conjunction with the question.

 

Darul Iftaa Texas bears no responsibility to any party who may or may not act on this answer and is being hereby exempted from loss or damage howsoever caused.

 

This answer may not be used as evidence in any Court of Law without prior written consent of Darul Iftaa Texas.

 

 

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