Zakat Questions and Answers
Examples: Suhail has money in his bank account above the nisab. However, after deducting his rent payment and other expenses, the remainder is less than the nisab so no zakat is payable.
Farouq Abdullah is saving money to buy tools for his carpentry workshop. After a while, his savings exceed the nisab threshold: if he buys the tools before the zakat year is up, then no zakat is payable; if, on the other hand, he delays buying the tools until the zakat year has elapsed then zakat will be payable.
I have more money than the nisab, but I need it for my living expenses
If a person possesses wealth exceeding the nisab threshold, but has to pay rent, purchase food, clothing, etc., for himself and his dependants, then these costs may be deducted from one's wealth.
If after deducting these costs, his remaining wealth is less than the nisab then no zakat is payable.