Monday, September 11, 2006

Zakaat on jewelry and bank deposits.

Question : I have some gold ornaments that are less then nisab, and I have some money deposited in a bank, it is also less then nisab, but in value, together they exceeds nisab. Do I have to pay zakah?

Answer: Yes, when you have the nisaab amount one day, and then still have a nisaab amount one year later, regardless of fluctuations between those two dates, then you must pay 2.5%.