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Fatwa CenterZakah on property
Question
My question is about Zakah. Suppose I have some fixed assets that are giving some profit for me. Say I have a property worth of two million rupees and I get profit from that assets. Now my question is whether I have to pay the Zakah of those assets every year or only once in the lifetime. Also if the assets are dead i.e. I do not get any benefit from them, do I have to pay their Zakah? Can I wear diamond and silver ornaments?
Answer
Praise be to Allah, the Lord of the Worlds; and may His blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.
There is no Zakah on the assets that are not displayed for sale or trade by themselves, but the Zakah should be paid about their benefits if they reach the minimum amount that is liable for Zakah, or by what is added to them like money or tradable assets. So when a year passes by from the starting of business, then Zakah should be paid every year not once in a lifetime.
Therefore you must know that if these assets have no benefits then there is no Zakah on them.
The evidence about the above is what the Prophet (Sallallahu Alaihi wa Sallam) said: “A Muslim does not have to give Sadaqa on his slave or his horse”. [Reported by Bukhari and Muslim]
Imam Nawawi said: ‘This Hadith is an evidence that there is no Zakah on assets that are not invested’.
With regard to a man wearing silver ornaments, there are some details about it.
There is a consensus among scholars that it is permissible for a man to wear silver rings. But they differed about other ornaments like bracelets, armlets and necklaces, etc… However, the majority of scholars are of the view that they are Haram for men.
It is also not permissible for a man to wear other ornaments like diamond and platinum because it is an imitation of women. Anything that is peculiar to women according to Shariah or customs is forbidden for men.
Allah knows best.
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