As salaamu alaikum,
I read the Zakaah Calculation Form and I have a few questions…
- If I have a debt of $60,000, do I put that amount under Liabilities L-1 or do I put the amount the bank deducts (from my salary) $1,500 for that month only.
- My savings at the bank is above the nisaab but I cannot access it until the loan is paid because the bank holds it as collateral, do I pay Zakaah on this?
- End of your Lunar year for Zakaah (Every Ramadaan or every Rajab etc.) means what exactly?
- Does Darul Uloom collect Zakaah to distribute to whomever?
Wa Alaikum as Salaam,
- You will put as liability only that amount which is deducted from your salary for the payment of the debt for that month. Only that amount which is due from you at that time will be deducted from the total amount on which you are paying Zakaat.
- Yes, you will have to pay Zakaah on your savings which is above the nisaab.
- End of your lunar year means when the year comes to an end from the time you possessed a nisaab. For example, if you became the possessor of a nisaab in Rajab, then Rajab of the following year will be the end of the year for you. This means that Zakaat will be compulsory upon you at this time. If it is that you normally pay Zakaah in Ramadhan, then you will use this month as the end of the year in order to pay your Zakaat.
- Yes, Darul Uloom collects Zakaah to distribute to the needy ones.
And Allah knows best,
Mufti Waseem Khan