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Zakat on Fixed Deposits

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My husband has taken home loan and two fixed deposits. Apart from that he doesn’t have any bank balance or property . I have some gold for which I am responsible to pay zakaat . My question is how much should my husband pay as zakaat? Last year we didn’t think about home loan and paid for fixed deposits. I know keeping fixed deposits is also not lawful but it will take sometime to persuade my husband. He and his family is not much Islamic. I am trying my best to get him on the path. Kindly reply to my query about zakaat. I’ll be obliged.

Ruhi Shefai
On Email.

Islamic Voice replies:

First let us understand the fundamental principle of Zakat. The amount of wealth which makes one liable for Zakat is called Nisab. In general, the nisab for zakat on wealth is equivalent to the price of 85 grams of gold. The payment of Zakat is compulsory on the excess wealth which is equal to or exceeds the value of Nisab, and which is possessed for a full Islamic year i.e., 355 days. If such wealth decreases during the course of the year, and it increases again to the value of Nisab before the end of the year, the Zakat then must be calculated on the full amount that is possessed at the end of the year. Let this serve as the premise for all the three questions.
Now about your question. Your husband should see if the total amount lying in the fixed deposit exceeds the nisab, i.e., the current market value of 85 gms of gold. Secondly, it should have been there for more than a year. If it is so, he should take out money equivalent to 2.5% of the value and disburse among the designated category of deserving people. Since he has taken home loan, he should minus the loan amount from the total amount of the Fixed Deposits and then calculate if the money in FD is still exceeding the nisab. Only then he should pay out the zakat.