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May 16, 2020
What is the process for paying zakat for past years?
For missed years, a person is required to retrospectively calculate the Zakat that should have been paid based on their wealth at that time. This includes reviewing past financial records to determine the amount of wealth they possessed each year Zakat was due. Factors such as cash savings, gold, silver, business assets, and other applicable forms of wealth should be considered. The value of Nisab (the minimum amount of wealth that makes one liable to pay Zakat) changes based on the current market prices of gold or silver, so historical market data may also be required.
Once these values are established, the individual must calculate 2.5% of the qualifying wealth for each missed year and pay it as soon as they are able. If exact records are unavailable, a reasonable estimate should be made with sincerity and care.
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For specific situations, Ask an Expert at NZF Canada
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Your Questions about Zakat Answered
Here you will find more answers to your zakat questions.
What is the process for paying zakat for past years?
For missed years, a person is required to retrospectively calculate the Zakat that should have been paid based on their wealth at that time. This includes reviewing past financial records to determine the amount of wealth they possessed each year Zakat was due. Factors such as cash savings, gold, silver, business assets, and other applicable forms of wealth should be considered. The value of Nisab (the minimum amount of wealth that makes one liable to pay Zakat) changes based on the current market prices of gold or silver, so historical market data may also be required.
Once these values are established, the individual must calculate 2.5% of the qualifying wealth for each missed year and pay it as soon as they are able. If exact records are unavailable, a reasonable estimate should be made with sincerity and care.
Learn more here
For specific situations, Ask an Expert at NZF Canada
explore faqs
Your Questions about Zakat Answered
Here you will find more answers to your zakat questions.
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