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ZAKAT

Zakat is the concept of obligatory charity in Islam. It is in a sense a way to give back, out of one’s own wealth, to those less fortunate.

In a world of gross social and economic inequality, it is vital for Muslims to uphold the tradition of Zakat. Your Zakat last Ramadan enabled us to better thousands of lives.

Zakat FAQ’s

Zakat is compulsory on every sane, mature Muslim who is owner of Zakātable assets equivalent to the Nisab after a passing of a lunar year.
A person who has Zakātable assets equivalent to or more than the Nisāb after deducting liabilities will qualify as a Nisāb holder.
The Nisāb is a threshold. One who possesses Zakātable assets equivalent to the Nisāb amount, will be regarded as a Nisāb holder and will have to check one lunar year later if he still possesses nisab amount to pay Zakāt.
The Nisāb is the value of 612.36 grams of silver.
One will have to give 2.5% of one’s total net assets.
It makes no difference whether one’s wealth increases or decreases during the course of the year.  Only if one becomes insolvent then one’s Nisāb date will expire.
There is no Zakat on personal items which take the form of living necessity.  e.g. a house, clothes, utensils, furniture, car and all household appliances without which life would fall into difficulty etc.
Intention at the time of giving Zakāt is a pre-requisite for the valid discharge of Zakāt.
It is permissible to discharge somebody else’s Zakāt from one’s own wealth on condition one has approval and acknowledgement from the other party.
Zakāt is compulsory on gold & silver in one’s ownership for whatever reason and whichever form.
Zakāt is obligatory on all cash whether in one’s physical possession or in a bank account.
Zakāt is compulsory on debt receivables arising from forwarding a loan or selling stock on credit.  The total outstanding balance will be added to one’s gross assets.

Debts are deductible from your Zakatable total if they are to be repaid in full within the next 12 months.

Debts not repayable at all in the next 12 months are NOT deductible.

If debts are payable by instalment, then 12 months debt is deductible.

Zakāt is payable on the beneficiary of Working Tax Credit, Child Tax Credit, Child benefits and all other forms of social security allowances.
Zakāt is compulsory on one’s business stock and will be calculated according to the retail price of the goods.  There is no zakat upon the fixed assets in a business.
The value of shares purchased to resell is Zakātable.
For businesses involved in manufacturing goods, all finished goods must be valued at their sale price, and all unfinished goods at market price.
If one failed to give Zakāt for previous years, one should estimate how many years were missed and how much one’s nets assets were each year and give Zakāt accordingly.

Zakāt can only be given to either a needy person who does not own in excess of his personal needs any surplus asset that is equal to the value of Nisāb or a debtor whose liabilities exceed Zakātable and surplus assets.

Zakāt cannot be given to construction projects, rich people, non-Muslims or the descendants of ‘Abbas, Harith, Ja’far and Aqeel Radhiallahu anhum.

One cannot give Zakāt to one’s parents, grandparents, children or spouse.

It is permissible to give Zakāt to one’s needy brother or sister.


“FAQs courtesy of www.darulfiqh.com”

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