Please would you advise me regarding whether zakat is obligatory upon me and my husband. jointly, we have assets of under £5000. this takes into account money savings, gold, and shares. However, in terms of liabilities we owe £47,000 home loan and £10,000 to our father again used to pay off some of the home loan. We are followers of the hanafi madhab. Please would you reply accordingly to the email address given above. jazakallah. May Allah reward you for your help in this matter. Please pray for us that our debt is relieved.
Zakaat is obligatory for every sane, adult and free Muslim/Muslimah who possesses the Nisaab, 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, is 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 equates to the value of either the Nisaab of gold or silver, then one will be liable to pay the Zakaat.
Therefore, after deducting the debts if each of you possess separately the Nisaab for a complete lunar year, Zakaat will be Wajib. The one who does not possess Nisaab is not liable to pay the Zakaat.
It should be borne in mind that the Nisaab will be counted separately and not jointly.