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happy spirit posted a topic in Islamic Discussions1- He evaluates the merchandise with him according to its present worth. 2- He adds whatever currency he has to this, whether this is for business or otherwise.3- He adds whatever money he has loaned and has been guaranteed of its settlement.4- He subtracts from this sum the amount he owes.5- He then pays Zakah on whatever is left and this is one-fourth of a tenth or 2.5%.- Compulsory Zakah is (the value of commercial goods + currencies + expected/ guaranteed returns on monies loaned – the money which the trader owes) x payable Zakah of 2.5%.- In order to calculate Zakah on trade, the assets upon which Zakah is payable are inventoried and estimated on the day their Zakah is due, by using the statement of the financial position- the budget - regardless of the presence of profit or loss in the profit and loss account.- Materials used for packaging are not estimated alone if they were not bought for the sole intention of being sold individually. If, however, they were used to sell trade goods, then they should be estimated if they increase the value of those goods, such as special bags (packagings that are used to store the trade goods in etc). But if they do not increase the value, as for instance plain paper bags, then they are not included in the evaluation.- The evaluation for each trader - whether a wholesaler or a retailer - is according to the price with which he can usually purchase the goods at the end of the Hawl (i.e. one Hijri year; 1 year Hijri = 354.5 days) i.e. the replacement value, which is different from the sale price (the market value), the historical cost (cost at the time of purchase) and the book value.[ Refer to: Recommendations and decisions of the Seventh Symposium on Contemporary Zakah Issues 1417 Hijri -1997 Gregorian]- If prices change between the day Zakah is due and the day it is paid, the price considered shall be that of the day it is due, whether the price has increased or decreased.- Zakah of transferred goods before taking possession of them is the responsibility of its owner. Ownership of the purchased goods is realized according to how or where they are received. These purchased goods which are on their way, if purchased, for example, on the basis of delivery at the port of the seller, it enters into the buyer’s ownership once it is delivered to the shipper. But if it was purchased on the basis of delivery in the port of the buyer, it enters into ownership upon reaching the port of arrival.- If the traded money includes different currencies, such as gold or silver, it should be estimated to decide on the amount that must be paid in the currency in which the merchant trades to evaluate his trade goods according to the prices prevailing on the day the Zakah is due.- The Zakah on trade goods that the buyer pays for in advance, but does not take immediate possession of, is not obligatory for the buyer before taking possession of them, but it is still due from the seller. know zakat al mal in Islamkingdom source:Islamkingdom
Conditions Necessitating Zakah on Grains and Fruits 1- It should be stored goods If it is not something which is stored, but used for daily consumption, no Zakah is payable on such. This is because the money value of unstored produce cannot be realized due to the inability of benefitting from such financially. 2- It should be measurable in Wasqs It should be among the products that are usually weighed in Wasqs. Wasqs are units of measure. This is drawn from the Prophet’s statement ﷺ: “There is no Zakah on grains or dates until such items weigh five Wasqs[ One Wasq: Sixty Sa’].” [ Source: Muslim] If it is not part of that which is usually weighed (in Wasqs) e.g. vegetables and herbs, then Zakah is not due on it. 3- It should be grown for the purpose of cultivation and production on agriculture farms: However, Zakat is not due on subsistence farms. 4- It should reach the amount of the Nisab, which is five Wasqs, as evidenced from the Prophet’s statement ﷺ: “There is no Zakah on grains or dates until such items weigh five Wasqs.” [ Source: Muslim] The Nisab in this case is three hundred Prophetic Sa’, which is equivalent to 612kg of good quality wheat. One has to mix variants of the same fruit for the same year in order to see if they add up to the Nisab. For example, sugary dates are mixed with barhi types because they are variants of the same fruit. A different grain/fruit, however, is not mixed with another when calculating the Nisab. Wheat, for instance, is not mixed with barley, nor is barley with dates (and so on). Source:Islamkingdom
happy spirit posted a topic in Islamic Discussions1- Nisab of gold is twenty Dinars or 85grams. A dinar of gold equals four grams and a quarter, the Nisab of gold in grams will then be 4.25 x 20= 85grams of pure gold. 2- The Nisab of silver is two hundred dirham or 595 grams. A dirham of silver equals 2.975 grams, the Nisab of silver in grams will then be 2.975 x 200 = 595 grams of pure silver. 3- The Nisab of paper currency is calculated on the basis of the Nisab of gold or silver when the collection of Zakah is due. When the money has reached the Nisab of either gold or silver, Zakat then becomes obligatory. For example, if a gram of gold equals $30, Zakah becomes obligatory if one has 30 x 85 = 2 550. Source:Islamkingdom
1- It is a means of attaining Allah’s Mercy. Allah Almighty says: “…and My Mercy embraces all things. That (mercy) I shall ordain for those who are the pious, and give Zakah; and those who believe in Our Signs.”(Al-A’raf: 156) 2- It is a condition that entitles those who pay Zakat victory. Allah Almighty says: “…Verily, Allah will help those who help His cause. (They) enjoin Iqamat-as-Salat, pay the Zakah…” (Al-Hajj: 40, 41) 3- It is a means for the expiation of sins. The Prophet ﷺ said, “Sadaqah extinguishes misdeeds as water extinguishes fire.” [ Source: At-Tirmidhi] source:Islamkingdom