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Fatwa CenterCalculating Zakah after debts
Question
I have a bank loan on my house for 100,000 dollars and I have a company long term stock purchase valued around 100,000 thousand dollars. Do I need to take Zakah out for 100,000 thousand dollars invested in my company stock plan, or due to debts (around 120,000 thousand dollars) I wipe that out so I only take Zakah out on what I have in my bank accout which is not much?
Answer
Praise be to Allah, the Lord of the Worlds; and blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.
Paying Zakah of money becomes obligatory with two conditions:
1. The money should complete the Nisaab.
2. One Islamic year (Lunar) should pass after possessing the money.
Dear brother, if all your money in the form of cash in your account, or in the form of shares in their current values complete the Nisaab and an Islamic year has passed after owning the Nisaab then you have to pay the Zakah of that money.
As for your loans, after deducting those loans which you have to pay urgently, if the money completes the Nisaab then you have to pay its Zakah. If this is not the case, paying Zakah is not compulsory on you.
For more details please refer to fatwa : 82055.
Allah knows best.
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