Allah Ta’ala has put the most minimum burden of monetary obligations on Muslims so that paying Zakah becomes convenient for every sahib-un-nisaab Muslim.
Firstly, it is not obligatory to pay Zakah on every asset. Rather only those assets are the subject matter of Zakah that have the potential of growth or increase. These assets may be broadly classified as follows:
1- Trading assets.
2- Cash & Cash Equivalent (like prize bonds, Travelers Checks etc)
3- Gold and silver
4- Livestock (goats, sheep, cows and camels)
5- Agricultural output. Read more... (642 words, estimated 2:34 mins reading time)
Q. “Mr.”A”is Sahib-e-Nisab and pays zakah regularly. Say, in 1989 he paid his zakah, and when the valuation date came in 1990, his financial condition became adverse. Consequently, he did not have the minimum wealth which is liable to zakah. In other words, on the valuation date, he again became Sahib-e-Nisab. Now, the question is, whether Mr. “A” should pay the zakah of the wealth accumulated on his previous valuation date when it comes in 1992 or by virtue of his becom- ing Sahib-e-nisab after a gap of two years, he should let one year pass on his new wealth and then pay the zakah?”
(Mohammad Yousuf Ghani, Karachi) Read more... (452 words, estimated 1:48 mins reading time)