Is Zakat payable on wealth not held in possession for the entire year ?

Fatawa Question

In the beginning of the year 2014 my husband and I were looking to purchase our first home. We are currently renting privately. I had about £ 50,000 savings. We both work full time and our salaries were going to contribute to the eventual purchase (as it takes about 12-16 weeks for completion and all monies to be paid). As we were going to buy a property, my brother returned to me £ 20,000 which I lent him about 3 years ago. The purchase of this particular property has now fallen through. Our plan now is to keep looking for a property, but it may take us into 2015 or even another year, for us to find something suitable. But if something does come up, then we need to be in a position to snap it up, so to speak. I now have £ 70,000 in an instant access IBB savings account. I am not touching that money as it’s our deposit fund to buy a house. Do I have to pay Zakat on all of the £ 70,000 ? Someone told me if you have not had the full £ 70,000 for the year, then it’s not payable etc. I have no issue paying it as its only to purify my wealth of course, but I have to say I am very confused on the rules about Nisab and how long you need to have had the money etc. Can someone kindly give me any advice or refer me to a scholar or expert on this ? I want to pay it asap, especially before next Eid. I follow the Hanafi madhab if that makes any difference ?

Fatwa

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Publisher

al-Qalam Shariah Scholar Panel

Publication Date

2014-09-08

Country of Publication

United Kingdom

Main Subjects

Religion
Law
Islamic Studies

Topics

• Islamic jurisprudence
• Alms tax

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-727285

• APA
• MLA
• AMA