If Zakaat of 2.5% is given every year on Savings, will there be nothing left after 40 years? – Zakir

If Zakaat of 2.5% is given every year on Savings, will there be nothing left after 40 years? – Dr Zakir Naik

Ep_19_08


Yusuf Chambers: The next question is if every year 2.5% Zakaat on savings or jewelry is given, is paid, after 40 years there would be nothing remaining, is this a trick question?

Dr. Zakir: Ha..ha..ha… many people think that if you keep on giving 2½% Zakaat so 2½ multiplied by 40 becomes 100% so to give 2½% every year then at the end of 40 years you will be left with nothing. Actually their Maths is a bit weak because Zakaat is given on what they have for one full year. So if for example someone has may be 30 grams of gold so he has to pay Zakaat for the 1st year 2½% i.e. 2½ grams of gold. Next year he has to pay 2½% on 97½ grams not on 100 grams so which will be less than 2½ grams of gold. So it will take much more than 20 years and the full asset can never be nil, it can never be, even if hundreds and hundreds and hundreds of years pass, it will never be nil, it will keep on diminishing, something will be left but again the moment it reaches a Nisaab level just after a few years and the lady gives 2½% may be about for a few years may be 5 years, 10 years, 15 years, within a few years from 5 to 10 years, it will reach a Nisaab level, the moment it goes below 85 grams of gold, which will take somewhere close to about 10 years odd or little bit more, moment it reaches below the Nisaab level, then you stop paying Zakaat.

Or if a person earns a thousand grams of gold, he keeps on giving but the moment he reaches Nisaab, they stop giving gold so never can it be zero. Even practically they keep on giving even below Nisaab it will not reach zero. But the moment it reaches Nisaab according to Islamic Shariah, they don’t have to give Zakaat so that’s the reason Alhamdulillah this tax is levied every lunar year.


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