How to calculate zakat? What if I get some money a month or so before my zakat is due? Assimalhakeem

Summary

Hashem from Saudi Arabia asks about calculating zakat on money due on the first of Ramadan, including a new sum his father gave him six months ago. The traditional method of calculating zakat by tracking each amount's individual 12-month cycle isn't practical. Scholars recommend setting a single date, like the first of Muharram, to calculate zakat based on the total wealth at that time, regardless of when the money was received. This simplifies the process and ensures consistent zakat payment every year, with 2.5% given on whatever is possessed at the set date.

Takeaways

• 😀 Zakat is due on any wealth that exceeds the nisab (threshold).
• 😀 To calculate zakat, one should track their wealth for 12 months and give zakat (2.5%) on it.
• 😀 Keeping separate portfolios or accounts for each sum of money is impractical for zakat calculation.
• 😀 Scholars suggest setting a fixed date in the Islamic lunar calendar to calculate zakat.
• 😀 The first of Muharram can be used as the annual date for assessing wealth for zakat.
• 😀 On the first of Muharram, you should assess your total wealth, including new amounts received throughout the year.
• 😀 Zakat is due annually, and you should give zakat on whatever wealth you possess on the chosen date.
• 😀 The 12-month cycle starts from the chosen date and ends on the same date the following year.
• 😀 Once you calculate zakat on the first of Muharram, you don't need to track individual amounts received throughout the year.
• 😀 This method of calculation simplifies zakat and avoids confusion about when different sums were received.

Q & A

What is the main topic discussed in the video?

The video discusses the calculation of zakat, specifically how to manage zakat calculation when different amounts of money are received at different times.

When is zakat due according to the script?

Zakat is due on the first of Ramadan, which is the date when the zakat calculation should be made.

What problem does Hashem from Saudi Arabia face regarding zakat?

Hashem is uncertain about how to calculate zakat when he receives a new amount of money six months before Ramadan, and he needs guidance on how to calculate zakat for different amounts received at different times.

What is the basic principle for calculating zakat mentioned in the script?

The basic principle is that every amount of money exceeding the nisab (threshold) must be calculated for zakat after 12 months, but the script acknowledges that this is impractical in real-life situations.

Why is it impractical to use 12 different wallets or portfolios for zakat calculation?

It is impractical because it would require tracking each amount of money in separate containers or wallets for a full year to calculate zakat, which is cumbersome and not feasible.

What solution do scholars offer to simplify the zakat calculation process?

Scholars suggest setting a fixed date, like the first of Muharram, to calculate zakat based on the total amount of wealth possessed on that day, regardless of when the money was received.

What is the significance of the first of Muharram in zakat calculation?

The first of Muharram is used as a fixed date each year for zakat calculation, allowing individuals to assess their wealth and give 2.5% zakat on whatever they possess on that date.

How does the proposed method simplify zakat calculation?

By setting one date for zakat calculation each year, people only need to track their wealth on that day, avoiding the complexity of calculating zakat for each individual amount received over the course of the year.

Do you need to track money coming in and out of your possession during the year in this method?

No, according to this method, you do not need to track any changes in your wealth during the year. You only calculate zakat once a year, on the set date (first of Muharram).

What is the recommended zakat percentage on wealth?

The recommended zakat percentage is 2.5%, which is calculated on the wealth you possess on the fixed date each year.