Zakat applies to several categories of wealth. Cash in all currencies whether in bank accounts or held at home is zakatable. Gold and silver in any form including jewelry reaches the nisab threshold quickly. Stocks and shares are zakatable on their market value if the company is halal to invest in. Business inventory including trading goods is zakatable at cost value not selling price. Agricultural produce like wheat dates and grapes has its own rate of 5 or 10 percent depending on irrigation method. Livestock like camels cows and goats or sheep is zakatable when you reach certain numbers. Rented properties are zakatable on the rental income you receive not the property value. Pensions and retirement accounts are zakatable on employee contributions that you can access. Cryptocurrency is zakatable according to most modern scholars. Your personal residence your personal car your household furniture and your personal clothing are generally exempt unless you hold them for trade.

Nisab is the minimum amount of wealth that makes zakat obligatory for you. There are two benchmarks used by scholars. The first is the gold standard which is 87.48 grams of 24 karat gold. The second is the silver standard which is 612.36 grams of silver. Most scholars including those from the Hanafi school recommend using the silver standard because it is lower and ensures you do not miss your obligation. For example if gold is HKD 600 per gram the gold nisab would be around HKD 52,500. If silver is HKD 8 per gram the silver nisab would be around HKD 4,900. We check current market rates on your calculation date and apply your preferred nisab benchmark.

This depends on your school of thought and the type of retirement account you have. Hanafi scholars generally say zakat is due on the full amount you can access. This includes your mandatory employee contributions and any vested employer contributions. If you cannot access the funds until retirement age then some scholars say no zakat is due until you receive the money. Shafii and Maliki schools have differing opinions on this matter. We calculate based on your madhab and provide clear transparency about which portions of your pension are zakatable and which are not. For MPF in Hong Kong we typically calculate on mandatory and voluntary contributions that you are legally able to withdraw.

Yes outstanding debts that are due within one year are generally deductible from your total assets before calculating zakat. This includes credit card balances that you will pay soon, personal loans, car loans, medical bills that are due, and unpaid utility bills. Long term debts like a mortgage on your primary residence are handled differently across different schools of thought. Some scholars say the entire mortgage is deductible. Others say only the payments due in the coming year are deductible. We apply your school specific rules and clearly show all deductions in your report so you understand exactly what was subtracted and why.

Most Muslims should have a single zakat date each year. This is typically chosen as Ramadan or the anniversary of when you first exceeded the nisab threshold. However if you have business income with a different accounting period you may need a separate business zakat calculation. If you have agricultural produce zakat is due at harvest time which may be different from your personal zakat date. Our system is designed to handle complex scenarios with up to five different zakat due dates. We help you track each one separately and calculate each accurately. You receive separate reports for each due date if needed.

Yes absolutely. If you are administering an estate, zakat may be due on the deceased person assets for the current year and possibly for past years if they did not pay. We can calculate the outstanding zakat amount that must be paid from the estate before any distribution to heirs. We also provide formal documentation that you can submit to probate court or to executors showing that all zakat obligations have been fulfilled before inheritance is distributed.