Decrease in wealth by the end of Islamic Year

DECREASE IN WEALTH BY THE END OF THE ISLAMIC YEAR

  • If Zakaat on wealth has not been given at the end of the Islamic year, and all that wealth either gets lost or stolen, then such wealth is exempted from Zakaat. In a case where he only gives away part of that wealth, then Zakaat will be due on the remainder if it is equal to Nisaab.
  • NOTE: A person is obliged to pay Zakaat on $ 10,000, the sum of $250. He sets aside this amount with a view to paying his Zakaat. The sum of $ 250 is thereafter lost or stolen in which event the Zakaat obligation is not discharged. If the Zakaat payer dies after setting aside the sum of $250, it will constitute part of his estate to be transmissible to his heirs.