Zakaat information
Zakaat on reinvesting a pension fund
Nasihah (Advice): Refrain to your level best from seeking financial assistance Sayyiduna Ibn Umar Radhiyallahu Anhu reported that Rasulullah Sallallahu Alayhi Wasallam said:“The upper hand is better than the lower hand. The upper hand is that of the giver and the lower hand is that of the beggar.” (Musnad Ahmad) ________________________________________________ Question and Answer: Q. Your previous email on compulsory pension funds has been helpful. I now have a follow-up question to it. In my case, it was compulsory for me…
Zakaat for Hanafi’s
Zakaat is Fardh (compulsory) upon every sane adult Muslim (male and female) who possesses net-Zakatable assets (i.e. Zakatable assets over and above one’s basic needs minus liabilities) to the value of Nisab (minimum threshold) for one’s Zakatable (lunar) year. Zakatable Assets 1. Gold and Silver: All forms of gold and silver, jewellery that contain 50% or more gold and silver content, gold and silver coins (e.g. Kruger coin), gold and silver ornaments, utensils, etc. Zakah is compulsory on these items…
Zakaat Guidelines
Zakaat is a pillar of Islam. It is not a tax but an Ibaadat (act of worship). Rasulullah (Sallallaahu Alayhi Wasallam) has said, ‘Protect your wealth with Zakaat and treat your sick ones with charity and counter the waves of calamity with Du’aa and humility.’ Stern warnings have been given in the Ahaadith for withholding and nonpayment of Zakaat. It is reported by Barida (Radhiallaahu Anhu) that Rasulullah (Sallallaahu Alayhi Wasallam) said, ‘No community withholds Zakaat but Allah Ta’ala will…
Zakaat on property investments
Question and Answer Q. Ramadaan will be soon and I usually calculate my Zakaat in Ramadaan. I would like to know how to calculate it on a property. I have invested 200 000 in a property as a shareholder. From this I collect a rental every month. How do I calculate Zakaat on this property? A. There is no Zakaat due on property that has not been purchased with the intention of resale (trade). In your situation, since you have…
How to calculate Zakaat
Ramadhan, the month of fasting, is also the time when many Muslims calculate and discharge their Zakaat. One of the fundamentals of Zakaat is to discharge Zakaat to eligible recipients. It is the onus of the individual to verify the Zakaat eligibility of the recipient. If verification is not done and the person was not eligible for Zakaat, then that Zakaat has to be repaid. It is of great concern that many individuals hand over their Zakaat to beggars standing…
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