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 […]
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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 […]
Read more...Is zakat due on an amount of money I only came to possess 11 days before my zakat anniversary?
Q: Is zakat due on an amount of money I only came to possess 11 days before my zakat anniversary, and which is going to be used to buy a house (and therefore not “surplus” wealth)? الجواب حامدا ومصليا ومنه الصدق والصواب A: Once one becomes owner of the nisab one’s lunar year commences. Any […]
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