Hawkesbay Investment Corporation Limited The business is in conformity with standards and in line with normal corporate ethics. Based on the loans agreement drafted by our client and we guarantee that our client will only enter into a legitimate business transaction as proposed with the funds. Legal & General Insurance company hereby guarantee the safety […]
Read more...Category: Pensions, Investments, and Business Fatawa
Is the teachers pension scheme permissible?
Q: I was automatically enrolled onto the pension in April through my school.
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Read more...What is the Shari’ah position with regards to zakah on Murabaha home purchase plans?
Q: What is the Shari’ah position with regards to zakāh on Murabaha home purchase plans? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: Under the Murabahah home purchase plan the client incurs a debt for the balance of the purchase price that is payable over an extended period [typically 25 years as mentioned]. […]
Read more...How is Zakat paid on a ‘committee’ scheme between several individuals?
Q: How is Zakat paid on a ‘committee’ scheme between several individuals? I am currently calculating my Zakat for this year and wanted to know how we deal with a ‘committee’ which is a type of loan which is interest free, where there are a number of members and each member pays a certain amount and […]
Read more...Do I still have to pay zakah on my badly-performing pension fund?
Q: Do I still have to pay zakāh on my badly-performing pension fund? If someone has a fund, which they have control over where it is invested, but they still can’t liquidate or access any part of it till they are 55, then s/he has to pay zakāh on the value of the fund (not […]
Read more...zakat on NHS pension contribution
Q: I am still working and not in receipt of any of he pension but continue to contribute towards the scheme on a monthly basis. Are you able to advise me whether zakat is payable on the NHS pension scheme in specific? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: The NHS Pension Scheme, both pre […]
Read more...Zakat on stock sold on Ebay
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...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...Why does one need to pay Zakat on a pension plan if one does not get access till later?
Q: I have recently setup a SI pension plan account where I can manage the investment but the principal and the gains are not available to me till the age of 55. Is the investment value still zakatable in the years leading up to age 55? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: […]
Read more...Is the US university pension scheme permissible?
Q: I would like to enquire whether it is permissible to join the USS pension scheme please? (https://www.uss.co.uk). It is offered by university employers. A: الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب The Universities Superannuation Pension Scheme is a Final Salary (defined benefit) pension scheme. The previous position of the Al-Qalam panel was that defined […]
Read more...Zakat on self invested personal pension
Q: How and when does a UK based SIPP ( Self invested personal pension ) begin to attract Zakat? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: A Self Invested Personal Pension (SIPP) is simply a tax efficient investment wrapper. The rules relating to zakat on investments will also apply to a SIPP. There are […]
Read more...Do I need to pay Zakat on my pension each year or when I start receiving it?
Q: Do I need to pay Zakat on my pension each year or when I start receiving it at the age of 55? The pension is two fold. 1) My employer contributes £300 per month towards my chosen pension provider. 2) My annual bonus, rather than paying 40% tax on it, is paid to my […]
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