The Emirates Council for Sharia Fatwa recently issued a comprehensive statement in anticipation of Eid al-Fitr, elucidating the various types of zakat applicable to both money and livestock.
This statement serves to clarify the stipulations, conditions, timing, and legal obligations associated with the disbursement of zakat.
Zakat on monetary wealth, encompassing gold, silver, coins, and trade commodities, is deemed obligatory. For instance, zakat on gold necessitates a minimum threshold of twenty dinars as per Islamic law, with the specific amount being a quarter of a tenth (2.5%). The quorum for gold is variable and determined by contemporary karat standards, with the value assessed at the time of zakat payment based on prevailing market rates. According to the Council, zakat on gold becomes due after the passage of a full lunar year once the minimum threshold is met, and it must be promptly disbursed without delay.
Similarly, zakat on silver requires a minimum of two hundred legal dirhams, with the same percentage (2.5%) applicable for its disbursement. As with gold, the quorum for silver fluctuates and is assessed at the time of zakat payment. The time frame for silver zakat mirrors that of gold, necessitating a full lunar year after meeting the minimum threshold.
Furthermore, zakat on cash currencies, such as the Emirati dirham, adheres to similar principles, requiring a minimum threshold equivalent to 85 grams of pure gold. Once again, the obligation arises after a full lunar year has passed over the established threshold.
Trade goods also fall under zakat regulations, with the quorum being akin to that of gold. The obligation to pay zakat on trade goods arises after a full lunar year has passed since reaching the threshold, with immediate disbursement mandated.
The Council emphasizes that zakat on jewelry used for personal adornment is not obligatory, as affirmed by various companions of the Prophet. The recipients of zakat, according to Quranic injunctions, include the eight specified categories, encompassing the poor, needy, those in debt, and others in deserving circumstances.
The statement issued by the Emirates Council for Sharia Fatwa provides a detailed framework for the calculation, timing, and beneficiaries of zakat, ensuring adherence to Islamic principles in wealth distribution.
