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Zakah Presentation
Zakah Presentation
Zakah Presentation
Meaning,Importance,Payers &Recipients
WhatisZakh?
Linguistically:purification(tazkiyyah),increase, blessing,praise. Islamiclaw:transfer(tamlk)ofownershipofaportion ofwealthspecifiedbyAllahtoaneligibleMuslimina mannerthatexcludesallworldlybenefittothepayer forthepleasureofAllah.
ImportanceofZakh
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Empowering Muslims to benefit society through faith-based campaigns
Conditions
Muslim Adult(reached puberty) Sane ShiblNisb ownerof wealthequalor aboveNisb level
Nisb
20 mithql gold 87.48 grams Only possess gold? Use Gold Nisb level January 2012: Nisb level = 3020.77
200 dirhams silver 612.36 grams Possess mixed assets? Use Silver Nisb level January 2012 : Nisb level = 464.25
RecipientsofZakh
Poor
Needy
Emancipation ofslaves
Debtors
Inthewayof Allah
Wayfarer
Zakh Payers&Recipients
Poor =netassets (excludingbasicnecessitiessuchashouse, food,clothing,furnitureetc)arebelow theNisb threshold. [alDurr alMukhtr]
Poorrelativesshouldbegivenpreferencewhendistributing Zakh.
Charitygiventoarelativeistwothings:charityandupholdingthetiesof kinship.(Nas ,Sahh)
ThosebarredfromreceivingZakh
Lineal Ascendants
Parents and grandparents
Lineal Descendants
Children and grandchildren
Spouses
Certain Hashimites
Descendants ofAbbs, Hrith,Ab lib from Al,Jafar & Aql
Conditions forValidity
Intentionatpaymentoratdivisionoftotal
Empowering Muslims to benefit society through faith-based campaigns
ZAKH
Assets,Liabilitiesand Calculation
OVERVIEW
1. PersonalAssets 2. BusinessAssets 3. Debts 4. WhentopayZakh 5. Casestudy
Empowering Muslims to benefit society through faith-based campaigns
PERSONAL ASSETS
AllassetsownedforPERSONALUSEareexempt fromZakh except:
GOLD
CASH
SILVER
GOLDPLATED?
HARMINCOME?
LIVESTOCK?
CLEARINTENTIONTO
RESELL?
Zakhdueonentire assetvalue alwaysuse SellingPrice/Market Value
HOLDASINVESTMENT?
Zakhnotpayableon MarketValuebut payable onnetincome fromAsset
RESIDE?
NoZakhpayable. Thisbecomesa personalasset.
NOCLEAR INTENTION?
NoZakhpayableon assetvalue,butincome received subjectto Zakh.
BUSINESSASSETS
INTENTIONNOT TORESELLIMMEDIATELY?
STOCK&CASH
Zakh payableonstock andcashonlyNOT on goodwilloroncapital equipment/property
PROPERTIES
ZakhisONLY payable onnetrentalincome
SHARES
ZakhNOT onvalueof shares Zakhpayable on cashbalance&stock valuation thisneeds calculating
PENSIONS
ZakhONLY payableif youcanchoosehowto invest thepensionfund theamountofZakh dependsontheasset beinginvestedin.
CHILDTRUSTFUND
ZakhisNOT payable. Afterchildreceives cashon18th birthday, theyarepersonally responsibleforpaying Zakh.
DEBTS
DEBTSOTHERSOWEYOU
1.
LIABILITIES/DEBTS
DEBTSOWEDTOOTHERS
Pleaserefertowww.alqalam.org.uk fordetailedfatwa.
ISLAMICHOMEPURCHASE PLANS
Ijra &Diminishing Mushraka Schemes TheseareNOTconsideredasDEBT thereforenofuturepaymentsatall can bedeductedfromZakatable assets.
Pleaserefertowww.alqalam.org.uk fordetailedfatwa.
RECAP
ADD PERSONALASSETS(GOLD,SILVER&CASHONLY)
ADD FULLVALUEOFBUSINESSASSETSIFINTENTIONISTORESELLIMMEDIATELY
ADD [qualifying]DEBTSowedtoyoubyothers
SUBTRACT [qualifying]debtsyouowetoothers
PAY2.5%ZAKH ontotalifitequalsNISB
WHENTOPAY?
Cantremember whenyou becameSahib unNisb?
Doesithavetobein Ramadhn?
CaseStudy
AyeshaonherZakhAnniversarydate,10thofRamadhn,takes accountofherfinancesasfollows:
Personalcar/clothing/furniture:15,000 PersonalGoldjewellery2,000 Ownshalfofanotherproperty rentedout.Valueofproperty180k. Ayeshahasanopticiansbusinesswhichhasstockofglassesandcontact lensesworth20k. Cashinherbusinessaccounttotals15k,inherpersonalaccount10k OwnssomesharesinBPforresaleonly=2,000 Shehaslent 3,000toherfriend ShehasaPersonalPension,chosentoinvestinSharah compliantcash account,MV=30k Sheowes5,000tosuppliersofglasses 3yearsworthofInstalmentsareoutstandingonfurniturepurchased,total debtoutstanding=6,000
C A S E S T U D Y
PersonalCar/Clothing/Furniture Gold MainResidence InvestmentProperty Stockinbusiness Cash Shares MoneyowedtoAyesha Pension Moneyowedtosupplier Debtonfurniture
Nonzakahtable zakahtable Nonzakahtable Notzakahtable zakahtable zakahtable Fullyzakahtable zakahtable zakahtable DeductibleforZakh 12MonthsDeductibleforZakh
C A S E S T U D Y
Item Gold Stockinbusiness Cash SharesinBP Moneyowedbyfriend Pension Moneyowedtosupplier Moneyowedforfurniture NetamountforZakh Zakhat2.5%
Value 2,000 20,000 25,000 2,000 3,000 30,000 5,000 2,000 75,000 1,875
SUMMARY
Zakhisthe3rd PillarofIslamandcompulsoryifyouareShiblNisb Zakhisapurificationofoneswealthandarightofthepoor Thosewhosetotalwealth,excludingbasicnecessitiesanddebtsisbelow Nisb levelcanreceiveZakh. ZakhshouldbecalculatedpromptlyontheannualZakhdateandthen paidassoonaspossible,atthelatestwithinoneyear. Zakah ispayableonmanybusinessassetsanddebtscanbedeductiblein somesituations FailuretopayZakhatallortounderpayZakhisamajorsin.
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ResourcePortalandFatawas