Zakat FAQs
According to the Hanafi madhab, Zakat has to be paid by Muslim adults, who are mentally sane and in possession of wealth, above the Nisab. The Shafi, Maliki and Hanbali madhabs are of the view that Zakat is also payable by children and the insane, as long as their wealth is above the Nisab. You first become eligible to pay Zakat, the day your wealth [Net Assets] hits the Nisab threshold. The Zakat is calculated and paid on the wealth of a person, after a full lunar year/Islamic year. A lunar year is about 354 days long. Example: Abdullah has recently started working and is paid £1,000 after 1 month. He has no debt and therefore his wealth is the full £1,000. The Nisab at the time is £190. Therefore, Abdullah becomes eligible to pay Zakat, as his new wealth is above the Nisab. After 354 days, when it’s time to reassess his situation again and potentially pay the Zakat, Abdullah has saved £10,000 and has immediate/short-tem debts of £2,0...