Question

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Answer

Assalaam alaikum Sister, If a person possesses 612.35 grams of silver or 87.479 grams of gold or any currency that equals the value of this amount of gold or silver, and this wealth remains in his possession for a complete year, then on the expiry of this year it will be Wajib on him to give Zakat. If his wealth is less than this, Zakat will not be Wajib. If it is more than this, Zakat will still be Wajib. Therefore if the cash on hand, the amount in the bank and shares are equivalent or more than the minimum Zakatable amount and you do not have liabilities, then you should pay 2 ½ % on the full amount as explained above.

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