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Absolute Essentials
        of Zakat

       August 12, 2012




1              www.darussuffah.org
2




 Targheeb and Tarheeb of
          Zakat

                Shaykh Tameem Ahmadi




www.darussuffah.org
3




                      Fiqh of Zakat

                      Mufti Nawaz Khan




www.darussuffah.org
4




Who is Required to pay Zakat?
Nisab : Amount of wealth which makes one liable for
        Zakat.

                Nisab         Grams        Ounce    Troy Oz
Gold            20 mithqal    87.490       3.086    2.8125
Silver          200 dirhams   613.350      21.635   19.6875

Aug 11, 2012
Gold: $52/gram X 87.49 = $4549.48
Silver: $.98/gram x 613.35 = $601.23



www.darussuffah.org
5




    What is the principle of
  acquisition in the same class
    during the lunar year?




www.darussuffah.org
6




      Who is entitled to receive
               Zakat?
 Fuqaraa
 Masakeen
 Aamileen
 Muallafatul         Quloob
 Ar-Riqaab
 Ibnus-Sabeel
 Al  Ghaarimeen
 Fi Sabeelillah


www.darussuffah.org
7




Who cannot be given Zakat?

 Grandparents,    Parents, ones Children,
  Grandchildren, Husband, Wife
 Institutions and organizations that plan on
  using Zakat funds on construction,
  investment and salaries
 Non-Muslims
 Giving to recipients without inquiry and
  research

www.darussuffah.org
8




When is Zakat due?
A   complete Islamic calendar year
  (lunar)should pass starting from the very
  day of the nisab’s possession




www.darussuffah.org
9




     What kind of things require
      paying Zakat on them?
   Gold and silver
   Cash, Stocks, Mutual Funds
   Business Merchandise Inventory
   Private companies, Corporations and Partnerships
   Retirement Plans (401K, IRA, etc.)
   Real Estate investment in property owning companies
   Accounts Receivable
   Profits from investments
   Trusts
   Lump Sum Payments in Terms of Compulsory Pension
   Severance Packages
www.darussuffah.org
10




What kinds of things do not
require paying Zakat on
them?
 Money   that does not reach the amount
  of Nisab
 Property that is not used for Business
  purposes
 Products not of a productive nature




www.darussuffah.org
11




What is the method of giving
Zakat?
   Intention for the fulfillment of Zakat
   Not necessary to reveal Zakat is being given
   Recipient needs to be made owner
   If an agent/organization is given Zakat for
    distribution and they do not distribute it, Zakat
    will not be regarded as fulfilled and the sin of
    not discharging the obligatory duty of Zakat
    will remain a burden on whom it was
    obligatory.

www.darussuffah.org
12




How is Zakat to be distributed?
 Zakat will only be valid if the recipient is
  made owner of that amount
 Zakat cannot be given or used for the
  construction of a Masjid, Madrassah,
  hospital, a well, a bridge or any other
  public amenity




www.darussuffah.org
13




                      FAQs of Zakat
                      Mufti Abdullah Nana




www.darussuffah.org
14




How to calculate Zakat
on gold and silver?

Does Zakat have to be paid
on jewelry that I wear and use
everyday?


www.darussuffah.org
15




What about the Zakat that I
haven’t paid over the years?

Can I deduct taxes when
adding my assets?



www.darussuffah.org
16




Is Zakat obligatory on
children?

Does Zakat have to paid on
retirement plans and how?



www.darussuffah.org
17




Does Zakat have to paid on
business merchandise?


Difference between Sadaqah
and Zakat


www.darussuffah.org
18




Does Zakat have to be paid on
investment properties bought with
the intention to generate rental
income?




www.darussuffah.org
19




                      Sadaqatul Fitr




www.darussuffah.org
20




What is Sadaqatul Fitr? (Zakat
ul Fitr)

How much is Sadaqatul Fitr
and how is it calculated?



www.darussuffah.org

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Absolute Essentials of Zakat

  • 1. Absolute Essentials of Zakat August 12, 2012 1 www.darussuffah.org
  • 2. 2 Targheeb and Tarheeb of Zakat Shaykh Tameem Ahmadi www.darussuffah.org
  • 3. 3 Fiqh of Zakat Mufti Nawaz Khan www.darussuffah.org
  • 4. 4 Who is Required to pay Zakat? Nisab : Amount of wealth which makes one liable for Zakat. Nisab Grams Ounce Troy Oz Gold 20 mithqal 87.490 3.086 2.8125 Silver 200 dirhams 613.350 21.635 19.6875 Aug 11, 2012 Gold: $52/gram X 87.49 = $4549.48 Silver: $.98/gram x 613.35 = $601.23 www.darussuffah.org
  • 5. 5 What is the principle of acquisition in the same class during the lunar year? www.darussuffah.org
  • 6. 6 Who is entitled to receive Zakat?  Fuqaraa  Masakeen  Aamileen  Muallafatul Quloob  Ar-Riqaab  Ibnus-Sabeel  Al Ghaarimeen  Fi Sabeelillah www.darussuffah.org
  • 7. 7 Who cannot be given Zakat?  Grandparents, Parents, ones Children, Grandchildren, Husband, Wife  Institutions and organizations that plan on using Zakat funds on construction, investment and salaries  Non-Muslims  Giving to recipients without inquiry and research www.darussuffah.org
  • 8. 8 When is Zakat due? A complete Islamic calendar year (lunar)should pass starting from the very day of the nisab’s possession www.darussuffah.org
  • 9. 9 What kind of things require paying Zakat on them?  Gold and silver  Cash, Stocks, Mutual Funds  Business Merchandise Inventory  Private companies, Corporations and Partnerships  Retirement Plans (401K, IRA, etc.)  Real Estate investment in property owning companies  Accounts Receivable  Profits from investments  Trusts  Lump Sum Payments in Terms of Compulsory Pension  Severance Packages www.darussuffah.org
  • 10. 10 What kinds of things do not require paying Zakat on them?  Money that does not reach the amount of Nisab  Property that is not used for Business purposes  Products not of a productive nature www.darussuffah.org
  • 11. 11 What is the method of giving Zakat?  Intention for the fulfillment of Zakat  Not necessary to reveal Zakat is being given  Recipient needs to be made owner  If an agent/organization is given Zakat for distribution and they do not distribute it, Zakat will not be regarded as fulfilled and the sin of not discharging the obligatory duty of Zakat will remain a burden on whom it was obligatory. www.darussuffah.org
  • 12. 12 How is Zakat to be distributed?  Zakat will only be valid if the recipient is made owner of that amount  Zakat cannot be given or used for the construction of a Masjid, Madrassah, hospital, a well, a bridge or any other public amenity www.darussuffah.org
  • 13. 13 FAQs of Zakat Mufti Abdullah Nana www.darussuffah.org
  • 14. 14 How to calculate Zakat on gold and silver? Does Zakat have to be paid on jewelry that I wear and use everyday? www.darussuffah.org
  • 15. 15 What about the Zakat that I haven’t paid over the years? Can I deduct taxes when adding my assets? www.darussuffah.org
  • 16. 16 Is Zakat obligatory on children? Does Zakat have to paid on retirement plans and how? www.darussuffah.org
  • 17. 17 Does Zakat have to paid on business merchandise? Difference between Sadaqah and Zakat www.darussuffah.org
  • 18. 18 Does Zakat have to be paid on investment properties bought with the intention to generate rental income? www.darussuffah.org
  • 19. 19 Sadaqatul Fitr www.darussuffah.org
  • 20. 20 What is Sadaqatul Fitr? (Zakat ul Fitr) How much is Sadaqatul Fitr and how is it calculated? www.darussuffah.org