Zakaat for Minor
Q: I have a son who is 10 years old and he has asavings account. Is Zakaat obligatory on him ? A: Zakaat is not obligatory on a minor. Moulana Yusuf LaherChecked by: Mufti Siraj Desai
Zakat
Calculating Past Zakaat
Q: I have unfortunately neglected to pay my zakaat for the past 3 years. Is it possible for me to pay it all at once this year, and if so how do I calculate it? A: 1. You have to pay zakaat on gold and silver, which must be calculated according to current gold and …
Zakaat on Deposit
Q: I have a morgage but used a sum of my savings to pay for the deposit. Would I need to pay zakaat on the deposit used? A: Any money that was used up before the Islamic year ended (i.e. the 12 Lunar months) is exempted from Zakaat. So you need not pay zakaat on …
Zakaat on Land and Property
Q: I had a query with regards to Zakaat. The query involved the acquisition of land/property as an investment. A bond was taken out to acquire the property/land and a deposit was also paid. The property is currently being rented, thus generating an income. I am not to sure about the amount of time this …
Zakaat on Wife’s Gold
Q: I received gold in my marriage which belongs to my wife. I don't have any other zakatable income, instead I have loans owed by me. Do I have to pay zakat? A: If the gold belongs to your wife then you don't need to pay zakaat on it. She will have to pay her …
Zakaat on Business Stock
Q: Do I have to pay zakaat on trading stock in my business and how do I calculate it? A: Yes you have to pay zakaat on business stock. Calculate such stock according to current market value; i.e. the price you would currently pay for the same stock if you had to purchase it from …
Zakaat on Capital
Q: Is zakaat payable on capital amount invested in a business or only on the profits gained? A: In business zakaat must be paid on the current value of one's share in the business, notwithstanding the amount initially invested, on condition that the investor has entered into a partnership (Islamic Shirkat) with one or more …
Monthly Expenses and Calculating Zakaat
Q: What portion of a housing bond, car loan and any other debt is deductable when calculating zakatable wealth? A: In the month that Zakaat becomes compulsory on you, deduct that particular month's expenses (groceries, lights and water bill, maid salary, etc.) from your money (including that month's bond payment), and pay Zakaat on the …
Debts and Zakaat
Q: I took a loan from my wife to purchase a car. The value being for example R30,000. I have paid her R5,000 thus far. Thus, I am in debt of R25,000. Question: If I have cash and jewelry to the value of R28,000, what amount will I pay Zakaat on? If I have cash …
Retirement Fund and Zakaat
Q: My father is retired and he took his pension fund and all his retirement money from goverment. Does he have to pay Zakat on this money? A: If he was paying Zakaat previously, he will add the money he received from his pension fund to other assets and pay Zakaat on the whole amount …