Question

Questions :

Instructions – You Must Calculate NISAB before calculating Zakat and compare it with the Zakatable Income.

( Current Gold Rate of 24 Carat Gold is 181.32 & Silver is at 2.12 SAR per 1 Gram on October 05, 2019. Current Dollar rate is 3.75 Riyals & British Pound = 4.63 SR. The market price of Al Rajhi Bank’s share is SR-60 per share )

1) The Total Annual Gross Income of Mr.Abdullah ( if the total income is more than the NISAB rate) is SR – 33,800. How much Zakat should he pay?
2) The Total Annual Gross Income of Mr.Abdullah is SR – 33,800 and his total annual liabilities are 21,600. How much Zakat should he pay?
3) The Total Annual Gross Income of Mr.Abdullah is SR – 33,800 and his total annual liabilities are 14,400. How much Zakat should he pay?
4) Mr.Abdullah has a Cash of SR – 33,800 plus Ingots of Gold & Silver worth of SR – 16,600 and his total annual liabilities are 14,400. How much Zakat should he pay?
5) Mr.Abdullah has a Cash of SR – 33,800 , Ingots of Gold & Silver worth of SR – 16,600 & Investment Bonds of SR-10,000 on which the whole lunar year has passed, and his total annual liabilities are 16,400. How much Zakat should he pay?
6) Mr.Abdullah has a Cash of SR – 33,800 , Ingots of Gold & Silver worth of SR – 16,600, Investment Bonds of SR-10,000 & Investment in Gold Jewellery worth of SR-15,000 on which the whole lunar year has passed, and his total annual liabilities are 16,400. How much Zakat should he pay?
7) Mr.Abdullah has a monthly Salary of SR-10,000 from which he supports his parents giving them SR-1,500 per month, while his own monthly expenses are 2,000. How much Zakat should he pay?
8) Mr.Abdullah has a monthly Salary of SR-10,000 & 2,000 pm from a Part time job, from which he supports his parents giving them SR-2,500 per month, while his own monthly expenses are 4,000. He also bought a 24 Carat Gold Bar of 100gms, which has covered 1 lunar year. How much Zakat should he pay?

Answer 1

Nisab on the basis of gold = 87.48×181.32= 15861.8

1. Income of abdullah = 33800

The amount of zakath payable= 33800×2.5%=845

2.zakath after liabilities worth 21600

Net amount=33800-21600=12200

The net amount is below NISAB. so Abdullah dont want to pay zakath

3.The amount after liability worth 14400= 33800-14400= 19400

The amount of zakath=19400×2.5%=485

4.Total income of abdulla:

Cash(33800)+ (silver and gold 16600)= 50400

Zakath payable=50400- 14400(liabilities)×2.5%=900

5.Total income = 33800+16600+10000=60400

Net amount after liabilities= 60400-16400=44000

Zakath payable= 44000×2.5%= 1100

6. Total income= 33800+16600+10000+15000=75400

Amount after liabilities= 75400-16400= 59000

Zakath payable= 59000×2.5%= 1475

7.salary of year= 10000×12=120000

Payment to parents=1500×12= 18000

Yearly expense=2000×12= 24000

Zakathable income= 120000-18000-24000=78000

Zakath= 1950

8. Salary and other income on the year=12000×12= 144000

100gram gold=18132

Payment to parents =2500×12=30000

Personal expenses=4000×12=48000

Zakathable income= 144000+18132-30000-48000=84132

Zakath = 84132×2.5% = 2103.3

Zakat is a compulsory act of worship that requires Muslims who own wealth at or above a certain threshold to donate a portion of that wealth, typically 2.5%, to those who are eligible. This threshold is called the Nisab.