In complete ownership and control of their wealth: The person must own and be in possession of the wealth, and also be free to spend or dispose of the wealth in any manner they like.
If a person has made a loan of their wealth then they are not in a position to spend it until it is repaid. In possession of wealth above the nisab threshold: The person should possess wealth above a defined amount required to satisfy the essential needs of themselves and their dependents nisab.
Free from debt: Someone in debt may deduct his debts from his assets, if what remains is still above the nisab threshold, zakat is due, otherwise not. In possession of the wealth for one complete lunar Hijrah year: If one owns zakatable wealth for a lunar year, zakat will become obligatory, provided the total amount of wealth exceeds the nisab at the beginning of the year and the end, irrespective of any fluctuations in the months between. For a donation to qualify as zakat, there must be a clear intention present, either when you separate the zakat money from the rest of your wealth, or when you make the zakat payment.
Gold and Silver: Any gold or silver you possess is zakatable, including jewellery according to Hanafi school, because these two metals have intrinsic monetary value. Other precious metals and stones are not zakatable unless they were acquired for the purpose of trade.
Cash or its Equivalent: Cash at home, in bank accounts, savings, money lent to others,saving certificates, bonds, shares, investment certificates and so on, are all taken into account when calculating zakat. Stock Purchased for Trade: Any goods you have bought with the intention of selling are included in your zakatable wealth. Contributions with an impact Donate Now.
Introduction Zakat is one of the five pillars of religion Islam. Zakat: A revolutionary concept We keep hearing that zakat is a revolutionary concept. Give Zakat Here Principles of zakat distribution Some guiding principles must be followed when it boils down to the distribution of zakat.
These are as follows: 1- Whatever zakat amount has been collected by the zakat agencies operating on the government level, it should be distributed within 12 months of collection. Important considerations These considerations have been extracted from the mere process of observation and they are worth a closer look. Conclusion Well, that will be all from this discussion. Pay Zakat Online. Leave a Reply Cancel reply. Search Latest Campaigns.
Seerat has come to Transparent Hands for help, we are de Zaitoon's case is registered with Transparent Hands, we Help Zaib-un-Nissa Walk Again. We request you to please Calculate zakat with our free tool.
Transparency in all our processes. Follow Us Questions? We will reply in 15 minutes! Chat with us via whatsapp. The applicant cannot be from the family of the Prophet Muhammad peace be upon him. They will be honoured with Sadaqah. An applicant must be regarded as Faqir poor from a Shariah perspective according to the Hanafi definition of poverty. Overseas distribution will be based on the Silver Nisab [c. Any outstanding Shariah compliant debt which is payable within the calendar month.
Any amount saved to pay off a Shariah compliant debt which is payable within the next 12 months. The recipient may own a house and a car, yet he may still receive Zakat. Zakat should be distributed within one year of collection.
The Zakat account should be cleared annually. Zakat does not necessarily have to be paid in cash. Zakat can be distributed in kind as long as the value covers the Zakat liability. The Zakat payment should be unconditional. A service cannot be stipulated in lieu of a Zakat payment. Any Muslim in a warzone and crisis who is needy 2.
Any Muslim in a poor country who is poor with net wealth below the silver Nisab poverty line. Beneficiaries must be poor according to the Zakat threshold. If there is uncertainty on the part of the Foundation staff as to whether a donation would be in line with this Policy, the matter will be referred to Mufti Faraz Adam for his advice.
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