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April 2, 2020
What do I pay Zakat on?
What do I pay Zakat on?
The items upon which Zakat is due include:
- Cash and Liquid Assets
- Gold and Silver
- Debts owed to you — the amount of money lent to others that will be repaid confidently
- Shares and Investments
- Property and other fixed assets
- Pension Funds/RRSP/RESP/TFSA and others
- Business Assets
Please note, you are required to pay Zakat on these items, if you meet the following criteria:
- You must have complete ownership of wealth
- Free of haram income — Zakat is not due upon earnings that are from haram sources. Rather, that wealth should be disposed of by giving it in charity, and seeking forgiveness from Allah after.
- Meets Nisab - The minimum threshold of wealth a person must own at which Zakat becomes payable.
- One lunar year passes over the wealth after attaining the Nisab amount
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Your Questions about Zakat Answered
Here you will find more answers to your zakat questions.
What do I pay Zakat on?
What do I pay Zakat on?
The items upon which Zakat is due include:
- Cash and Liquid Assets
- Gold and Silver
- Debts owed to you — the amount of money lent to others that will be repaid confidently
- Shares and Investments
- Property and other fixed assets
- Pension Funds/RRSP/RESP/TFSA and others
- Business Assets
Please note, you are required to pay Zakat on these items, if you meet the following criteria:
- You must have complete ownership of wealth
- Free of haram income — Zakat is not due upon earnings that are from haram sources. Rather, that wealth should be disposed of by giving it in charity, and seeking forgiveness from Allah after.
- Meets Nisab - The minimum threshold of wealth a person must own at which Zakat becomes payable.
- One lunar year passes over the wealth after attaining the Nisab amount
explore faqs
Your Questions about Zakat Answered
Here you will find more answers to your zakat questions.
