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No, the Nisab is not deducted from the total assets when calculating Zakat.
Zakat is calculated on the total value of assets that exceed the Nisab. The Nisab is the minimum threshold of wealth a Muslim must possess to be eligible for Zakat. If your Zakatable wealth meets or exceeds the Nisab and has been in your possession for one lunar year, Zakat becomes obligatory.
Here are the steps to calculate Zakat:
Example: If your Zakatable wealth is PKR 600,000 and the Nisab is PKR 1,530,900 since your wealth is below the Nisab, Zakat is not due.
However, if your Zakatable wealth is PKR 2,000,000, you would calculate:
PKR 2,000,000 × 2.5% = PKR 50,000
This amount should be given to eligible recipients, purifying your wealth and supporting those in need.
By fulfilling this obligation, you purify your wealth and contribute to helping those in need.
And Allah knows best!
WRITTEN BY
Atta-ur-Rehman
Atta-ur-Rehman, a specialist in Fiqh from Fazal-Jamiat-ul-Uloom-ul-Shariah, Jama'at ul-Umar Karachi, is an expert in Islamic jurisprudence. His expertise spans various aspects of Shariah, including Zakat, financial rulings, family laws, and ethical guidance in everyday life. With a deep understanding of Islamic principles, he provides a reliable insights into matters of faith, worship, and personal obligations.