ZAKAT on 1,500 Euros
Dear brother, Assalam o alaikum,
I have got around 1,500 Euros since the last 5 years and I never used them. I never paid zakat on them since the past 5 years and now I want to pay full Zakat for the whole 5 years, whatever that may be.
How much is the Zakat on them for 5 years. ??
Please let me know you reply by giving a mathematical breakdown on yearly basis, starting from 2003.
Thanks and wassalam.
Tariq Bin Ziad
Zakaat is obligatory for every sane, adult and free Muslim/Muslimah who possesses the Nisab, free from his/her initial needs and debts, for a whole lunar year whether one possesses the same by one’s own earning, gifts or any other lawful sources.
The amount that makes one liable for Zakaat is called Nisaab. The Nisaab of gold is 7.5 Tolas = 87.48 Grams while the Nisaab of silver is 52.5 Tolas = 612.36 Grams. The Nisaab of assets other than Gold and Silver such as merchandise, cash and so on, will be the equivalent of that of 612.36 grams silver. Moreover, one who possesses gold less than 87.48 grams or silver less than 612.36 grams but after combining, the value of both becomes equate to the value of either the Nisaab of gold or silver, then one will be liable to pay Zakaat.
Therefore, if 1500 Euros is equal or more than the value of 52.5 Tolaas silver=612.36 grams then pay 2.5 % of that amount for the first lunar year and then after deducting 2.5% of 1500, if it is equal or than 612.36 grams of silver then pay 2.5% of that amount. Follow the same procedure to pay the Zakaat of last lunar years.