Zakat al-mal can define as the obligation to pay all Muslim men and women who hold a certain amount of wealth in a (lunar) year.
What is the lunar year?
A period of 12 months from a specific date. B. Based on four seasons. c. Usually, it occupies certain part of twelve months and a certain period used for a certain activity.
Zakat al mal and ِZakat al Fitr is one of the pillars of Islam, the right of God Almighty over a servant’s money, and a reason for his purification.
The believers, both men, and women are guardians of one another. They encourage good and forbid evil, establish prayer and pay alms-tax, and obey Allah and His Messenger. It is they who will be shown Allah’s mercy. Surely Allah is Almighty, All-Wise. Surah al-tawbah -71
In Islam, zakat is a mandatory donation that a Muslim must make annually. The word zakat means to purify. Therefore, in Islam, Zakat al mal helps Muslims purify their wealth. Zakat is a religious ceremony, so Muslims must learn and practice it correctly for their faith. This means that Muslims must accurately assess their various kinds of wealth zakat and ensure that it is properly distributed to specific beneficiaries at specific times, with or without regulators.
A Muslim is obligated to pay Zakat al mal For wealth, Zakat al-Fitr means breaking the fast at the end of the fasting month of Ramadan.
What is Zakat al-Mal?
Zakat al mal is commonly called “zakat” by most Muslims. It is Zakat that Muslims must pay annually for their wealth such as currency, gold, silver, and property. Overall net worth (total assets) is considered. The amount of Zakat al-Mal owed by each Muslim varies as the individual is his 2.5% of the net worth he owns in one year. Zakat al mal is required only when a Muslim reaches a certain economic threshold known as Nisab. Zakat al-Mal is not required if a Muslim does not meet this standard.
Rulings on Zakat al mal in Islam
1- Zakat is the third pillar of Islam and a form of worship that entails wealth. However, Muslims are obligated to pay a portion of their income to the poor and needy once in a lunar year (hijri year) if their income reaches a prescribed amount (called ‘nisab’) that is more than necessary.
Take from their wealth ˹O Prophet˺ charity to purify and bless them, and pray for them—surely your prayer is a source of comfort for them. And Allah is All-Hearing, All-Knowing.
2- Zakat al mal is obligatory on a Muslim on the money that is fully owned by him if it reaches the quorum, and a full Hijri year has passed on it, and he is free of debt forfeiting the value of the quorum.
3- The nisab for money on which zakat is due is the equivalent of 85 grams of 21-carat gold.
4- What a Muslim owns of money in the form of bank deposits, or gold and silver if he owns them for saving or they are for jewelry and their abundance exceeds the usual adornment limit, shall be added to the money saved when calculating zakat.
5- The debts owed by the payer when calculating his zakat are deducted from the original money if it is time to fulfill them, and the debts that he has to the money are added to the money if they are debts that are guaranteed to be paid.
6- The amount of zakat on money that fulfills the aforementioned conditions is a quarter of a tenth, 2.5%, and a quarter of a tenth of any amount can be calculated if we divide it by 40.
7 The money earned during the year is added to the money that has reached the nisab, and it is paid Zakat al mal once at the end of the year, according to the more correct opinion.
8 Zakat is related to money and not to dhimma – according to the most correct one – so it is obligatory on the money of the boy and the insane, and on every money that reaches the quorum and a full Hijri year has passed.
9 The quorum is completed and the squint is completed.
10. It is permissible to pay Zakat al mal in installments if it is in the interest of the poor if there is a necessity that requires paying it in installments, or if something happens to the one who pays it that prevents him from paying.
11- Th prayer pays his zakat to the relative if he is included in the mentioned zakat banks and gives it to others, and he has two rewards for that, the reward of paying zakat and the reward of kinship ties.
12- Zakat al mal payer pays his zakat in his place of residence, and it may be transferred to another place for a significant interest, such as giving it to a kinship person, or to a poor person in greatest need.
13- It is not permissible to give zakat to those who are obliged to spend on the payer from assets such as parents and grandparents and descendants such as children and their children.