Cash an bank accounts
If above nisab, then zakatable at 2.5%
Personal assets
Personal use house, cars, furniture and equipment are not zakatable
If you buy a personal asset with the intention of trade then it is zakatable. Zakat starts when you seriously intend to trade and not when you buy for personal use with the option to sell in the future if needed
Jewelry
The no zakat for jewelry that is not made of gold or silver
Gold and silver jewelry for personal use are not zakatable. The amount should be reasonable (it varies as the custom is different for women of different region and economic status)
excessive gold and silver jewelry for personal use are most likely zakatable (the matter is debatable between scholars but it is better to be on the safe/generous side and pay zakat )
Gold and silver jewelry held wit the intention of trade or saving are zakatable
Loans
Borrower:
According to our scholar (Shafii), borrowers are responsible for paying zakat on the amount they borrow. If you follow another school of fiqh, then you do not have to pay zakat on loans your borrow
Loans you owe can be deducted from zakat calculation. however, you may deduct only the next due payments and not the entire loan
Do not deduct the entire amount of long-term loans like home loans or car loans
Lender:
According to our scholar (Shafii), lenders do not pay zakat on loans till it is paid back.
Other schools of fiqh recommend you pay zakat on good loans (loans that are expected to be paid back)
Life insurance
Some life insurance policies (whole life, universal and variable but not rem life insurance) hold cash value.
Although life insurance is haram according to most scholars, if you happen to have this type of insurance then you have to pay zakat on it because it is a type of saving
You pay zakat on the surrender value, not the cash value, not the premium paid and not the benefit amount paid in case of death
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