I am from Bangladesh. This year me, my wife & 8 years old daughter have planned to perform Hajj, Inshaa Allah. For this purpose from my property worth about 10,00,000.00. I have to spend near about 7,00,000.00 taka (to give Hajj Agency). Remaining money is gold & interest gained from Bank. How much money I have to pay for Zakat this year? Please clarify the matter in according of Quran & Sunnah. Another question: which is better Thikr or reciting verses of the Quran?
All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad, is His slave and Messenger.
You are obliged to pay Zakat (which is 2.5%) from your money if a whole lunar year elapses and if it reaches the Nisaab (i.e. the minimum amount liable for Zakat). Therefore, if a whole lunar year elapsed on the money which you possessed before paying the Hajj agency, then you are obliged to pay Zakat on all your money including the money which you will pay to the Hajj agency, i.e. you pay 2.5% from all your money.
However, if a whole lunar year elapsed on the money which you possessed after paying the Hajj agency, then you should only pay the Zakat on the remaining money in addition to all other gold and silver and tradable items you own, with the exception of the interests as there is no Zakat on it because interests are forbidden money which must be disposed of in its totality by spending it in charitable fields.
As regards which is better whether it is reciting the mention of Allah or reciting the Quran, then reciting the Quran is a form of mentioning Allah, and reciting it is the best form of mentioning Allah because a reciter of the Quran gets one reward for each letter he recites, and each reward is multiplied tenfold as reported from the Prophet .
However, in some cases, mentioning Allah could be better than reciting the Quran, for instance reciting the legislated mention of Allah after the obligatory prayers is better than reciting the Quran, and repeating the words of the Athaan (the call for the prayer) after the Mu'aththin is better than reciting the Quran. Therefore, we advise you to vary the forms of mentioning Allah which are reported from the Prophet, according to the time when these are legislated to be said, but you should allocate a larger time for the recitation of the Quran, while pondering over it and trying to understand its meaning. The Quran is the best form of mentioning Allah; it comforts one's heart and encourages a person to do good, and from it one learns what is lawful and what is forbidden.
Allah Knows best.
Fatwa answered by: The Fatwa Center at Islamweb