Q: I was wondering how would I calculate my Zakaat on my business stock. I have a shop on eBay. When calculating the value of my assets: 1. Do I calculate the market value or the sale value. 2. Do I minus eBay and PayPal fees. 3. Do I minus vat. 4. Do I minus […]
Read more...Category: Zakat Fatawa
Zakat on a fixed deposit account
Q: I have around 8000 pounds in a fixed deposit in an Islamic bank. My money is taken for 2 years and invested in halal things and then at the end of the two years my money is returned to me with profit InshaAllah also added to it. However I cannot access or withdraw any of […]
Read more...Is zakat payable on rental income as well as on the share of property that is owned?
Q: 1 Can you please confirm that zakat is payable on rental income as well as the share of property that is owned. For example, if the annual rental income is £15,000 and the annual mortgage payment is £12,000, is zakat due on the difference (£3000 in this example) if the person hasn’t spent any money from rental […]
Read more...What do we do if the nisab rate fluctuates before our zakat anniversary date?
Q: A year ago, I passed the nisab and I took note of the date and nisab amount. Before my zakah due date, I fell below that recorded nisab, but by then the current nisab had also fallen below what I possesed (so I have less than the nisab of the very first day I became […]
Read more...Is a mentally disabled person exempt from paying zakat?
Q: I have a query regarding whether my mother has to pay zakah on her wealth. My mother has been diagnosed with vascular dementia and the assessments by mental health professionals have concluded that she lacks mental capacity to manage her personal and financial affairs. I have applied and have been successful in being granted the […]
Read more...Can Zakat be given to those who have been in an accident and need an emergency life saving operation?
Q. Can Zakāt be given to those who have been in an accident and need an emergency life saving operation? Can this fall under the category of ‘debtors’ as the individual needs to pay this money for the operation in order to survive? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A. Zakāt can be given only if […]
Read more...Is a person who has an Islamic Home Purchase Plan able to deduct any future rental installments due to the bank from their zakatable assets?
Q:Is a person who has an Islamic Home Purchase Plan able to deduct any future rental installments due to the bank from their zakatable assets? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: The client cannot deduct rental payments for future periods from his zakatable assets. Only those payments that have fallen due […]
Read more...How can Zakat be calculated for shared savings and assets?
Q: Savings and a home are jointly owned equally by a married couple. The man is however responsible for payment of bills etc a. Can the Zakat be calculated collectively i.e. clump the debts together on one side and the joint assets such as bank savings on the other. b. How do you calculate payment […]
Read more...Must defined pension schemes be included for Zakat calculations?
Q: I have a voluntary pension contribution at work. I am able to see the value of my pension pot and I am able to dictate where it is invested in, but as I am not at pensionable age I have no access to that money yet. I am Hanafi and from your research paper […]
Read more...Is it permissible to pay more than 2.5% in zakat?
Q: I understand that the zakah is 2.5% of assets but if one has more than that to pay and is able and willing, can they do that? Or does it have to be exactly 2.5%, no less or more? الجواب حامدا ومصليا ومنه الصدق والصواب A: One can pay more than the 2.5% that […]
Read more...Can student loans be taken off as a liability for zakah purposes?
Q: Can student loans be taken off as a liability for zakāh purposes? Is a Student Loan added to ones zakāh liability section as a whole in every zakāh year until it is paid off unlike most deferred payment loans such as mortgages, where only the coming 12 months instalments will be added in the […]
Read more...Is it permissible to give Zakāt al Maal to a charity if it operates abroad?
Q: Is it permissible to give zakāt al maal to a charity even if it operates in other countries? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: All things being equal one should distribute one’s zakat in the immediate locality of the zakātable wealth. Failure to do so is reprehensible but not prohibited. However, if […]
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