Clarification on Zakaat for a Medical Store inventories
Question
Assalamu Alaikum Respected Scholars,
I hope this message finds you in the best of health and Imaan. I am seeking guidance regarding the calculation and payment of Zakaat in my particular situation as a medical store keeper. I have a couple of questions that I hope you can help me with:
I own a medical store and I am unsure about which medicines have been in stock for a full lunar year. In such a scenario, how should I calculate Zakaat on my inventory? Should I attempt to estimate the value of the stock that might have reached one year, or is there a different method I should follow?
My financial condition is currently quite strained. I do not have sufficient savings in a bank account, and I am also burdened with loans on my credit cards. Given these circumstances, what is the ruling on my obligation to pay Zakaat?
How should I proceed when I am struggling to meet my financial needs? I would greatly appreciate your guidance on these matters. May Allah reward you for your assistance. Jazakum Allah Khairan.
Amjad khan
Answer
In the Name of Allāh, the Most Gracious, the Most Merciful.
Wa ‘alaykum us-salāmu wa-rahmatullāhi wa-barakātuh.
Zakāh must be paid on your possessions at the completion of a lunar year. Your fiscal year for Zakāh starts from the date your personal possessions amount to 87.475g of gold, 612.35g of silver, or any currency, cash, savings, or trade goods equivalent to 612.35g of silver, after deducting debts and liabilities.
At the end of your lunar year, calculate all your assets and subtract debts. If the total equals or exceeds the value of 612.35g of silver, you should pay 2.5% of the total amount as Zakāh. It does not matter when the items came into your possession. If you own the item on the due date, you should discharge Zakāh on it. Even if acquired a day before, it will be calculated within the Zakāh. It is not required for each asset to have been in your possession for a full year.
If your debts and liabilities surpass your assets and possessions, Zakāh will not be compulsory. Zakāh is based on your current financial status.
May Allāh accept your Zakāh and purify your wealth.
For more details please read:
https://askimam.org/public/question_detail/26512
And Allah subhanahu wa ta’ala knows best.