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salah1234

Zakat

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let say if someone has a bank account ( interest free ) ....and they also have stock ( with interest ) ..........wouuld you pay zakat on both? or just the bank account becasue it doesnt have interest?

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Zakat is levied on all wealth accumulated over a period of a year. Having interest bearing stock will not make them a deterent of zakaat. Though, the person will be continuously involved in sin due to interest

 

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:sl:

 

thank you for your reply.......

 

 

1 more question............ if someone has a silver ring/silver watch ...do you pay zakat on that also?

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Salaams peeps,

 

1 more question............ if someone has a silver ring/silver watch ...do you pay zakat on that also?

 

E.g. If you have silver jewellery that weighs 500g and the price of silver is$10/g then the total value is $5000.

 

From my understanding on zakah, you only pay on your wealth. So a watch is something that you use to tell the time so you have a need for it, therefore you wouldn't have to pay zakah. If you also wear your ring then this is also excluded from zakah. If you have silver watches and rings stored away as wealth, then you must include this in your zakah.

 

Please check this info with a local imam.

 

Peace

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Salaams peeps,

E.g. If you have silver jewellery that weighs 500g and the price of silver is$10/g then the total value is $5000.

 

From my understanding on zakah, you only pay on your wealth. So a watch is something that you use to tell the time so you have a need for it, therefore you wouldn't have to pay zakah. If you also wear your ring then this is also excluded from zakah. If you have silver watches and rings stored away as wealth, then you must include this in your zakah.

 

Please check this info with a local imam.

 

Peace

 

 

 

i have a silver watch and silver ring...i dont wear it often......but i do wear it sometimes..........and i dont keep it as wealth/value.... so i wouldnt pay zakah on this then?

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Salaams peeps,

 

Yep as long as your not storing it as wealth. So you won't have to pay zakah on them.

 

Peace

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God bless gimme money too me poor

 

Salam,

 

We'll give you love! :sl:

 

LMAO!!

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:sl:

 

Actually you do pay zakah on ring as well as the watch ONLY if you do not use it casually. Zakat is not payable on jewelry of gold and silver which is used in day to day wearing. Thus if the watch and ring that you use here and there is still counted as wealth.

 

Get the value acertained by a jewler and then pay zakat on that.

 

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:sl:

 

I just wanted to clarify one aspect.

 

While paying zakat on an Interest bearing stock, the zakah will NOT count the interest portion of the year rather the value of the stock.

 

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