Is zakaat compulsory on me?
Question:
Asalaamu Alaykum,
If my savings and gold jewelery has reached the amount of Nisaab but I am paying off a loan. Is zakaat compulsory on me?
Also for gold jewelery and savings, do I calculate the value of gold and savings and calculate 2.5% of that?
Answer:
Wa Alaikum As Salaam,
Only that amount of the loan will be deducted from your total value which is due from you at the time of payment of Zakaat. If after deduction, the surplus reaches the nisaab then you will pay Zakaat.
Yes, you will calculate the value of the gold and savings and then pay 2.5 % of the total amount.
And Allah knows best,
Mufti Waseem Khan
28/6/2012