When is zakaat due?

Q:

1. When must I pay my zakaat? Is it during a specific month or at any time?
2. When working out my zakaat, do I only consider the gold/silver and cash that I have at that specific time or does it work in cycles?

A: 

1. Once a person possesses the amount of nisaab (nisaab of zakaat), and the wealth remains with him for an entire lunar year, zakaat will be waajib (i.e. on the same date of the following year). For further details refer to http://muftionline.co.za/node/31
2. Upon your zakaat date, you will take into account all the zakaatable assets that are in your possession (i.e. The total value of gold, silver, loans that are owed to one, cash in hand, etc). After deducting debts and liabilities, if the wealth still reaches the amount of nisaab, then zakaat will be compulsory upon a person.

And Allah Ta'ala (الله تعالى) knows best.

وشرط كمال النصاب ولو سائمة في طرفي الحول …. فلايضر نقصانه بينهما، فلوهلك كله بطل الحول (شامي 2/302)

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)