• Sat   27 Apr 2024

How To Pay Zakat ?

Zakat is a mandatory duty on all able Muslims who posses wealth at or above a certain threshold. This threshold is called the Nisab. You only pay Zakat if your net assets equal or exceed the Nisab threshold. Zakat should be calculated on 2.5% of all net savings one possesses that is above the nisab value. Net savings is the total maintained wealth for one lunar year before Zakat is due. If net yearly savings falls below this amount, he or she is exempt from paying Zakat. Only those people whose net capital exceeds the nisab values are obliged to give zakat.

+ Cash on hand and in bank accounts (savings, checking, etc.)
+ Refundable deposits (e.g. on rented apartment)
+ Non-delinquent loans (money you loaned to others)
+ Expected Tax refund
+ Gold, Silver and Precious Items
+ NumberShares, stocks, bonds, IRA, pension plans, options, etc.
+ + Business cash on hand and in banks plus invoices due.
+ + Net value of business inventory and trade goods
+ + Net income you are entitled to as of Zakat due date (e.g. your next paycheck that you worked for already)
Total Amount
Total Zakat
Problem Number 1

worthiest of zakat: every muslim except syed or hashmi or the one who is the owner of 52.5% silver or gold according to its value ,cash money, trade goods and goods available more than the needs

Problem Number 2

Zakat money: cannot be given to them by whom you are given birth for example your parents , maternal parents , paternal parents etc and to whom you have given birth like son, daughter , grandson and grand duaghter etc. Even husband wife cannot give zakat to each other.

Problem Number 3

To pay zakat it is necessary to have an intention in mind of paying zakat to the worthiest and give him/her the authority of zakat without taking any pledge.

PRICE OF ZAKAT PAYABLE ASSETS

  • any kind of gold currently available , if jewellry then take out the weight of diamond.
  • Any kind of silver currently available even utensils, if jewellery then take out the weight of diamonds.
  • to own a house or land for investment or selling purpose.
  • cash money.
  • money saved in bank accounts.
  • lended money or goods given to someone.
  • foreign currencies (according to current rates).
  • bonds on buying rates (although not permissible).
  • shares (market values).
  • provided fund ( if domineering then zakat will apply after recuperating but if it is discretionary then collected money will be calculated along the nisab of zakat).
  • saving certificates for example NIT Units, NDFC, FEBC their real value ,not interest (although interested shares are not permissible).
  • money saved in B.C comittes.
  • payable zakat assets that are kept for mandate for example money, trade goods etc.
  • trade goods value according to selling price.
  • ready stock in shop or factory.
  • flat taken or booked for investment according to the structure ready ready at market price, and if the structure is not ready then according to the amount that has been paid uptill now.
  • flat booked for linving purpose and the desired structure is not ready then on the amount that has been paid up till now.
  • business articles of patnerships (the value of payable zakat assets).

PRICE OF LIABILIITIES

  • the lended money which has to be paid urgently.
  • The left over money of B.C comittes although you have already taken the comitte.
  • utility bills gas , electricity etc.
  • salary of servants.
  • payments which has to be paid to the parties.
  • previously zakat which has not been paid but you were able to paid ( pay as soon as possible).
  • Wife's dower if not been paid ( pay as soon as possible).