Sunday 5 July 2015
Free Newspaper Asian News
The Asian Today Newspaper - Issue 199 Out Now View Issue 199 Online Now!
Register today for all the latest news from The Asian Today.
Where did you hear about us?
Get Your Free Copy of The Asian Today
YOUR FREE ASIAN COMMUNITY NEWSPAPER!
Use our store finder to find out where you can pick up your local copy of The Asian Today!
WANT TO ADVERTISE? 
Advertising in The Asian Today  is a great way to promote your business. Contact our advertising team:    
sales@theasiantoday.com
Call:  0121 314 2892


Regency

Features - The Asian Today

Updated: 11:58, Wednesday August 11, 2010
        Features Feed
Paying your Zakah this Ramadan
A guide on how to calculate Zakah on contemporary assets
 
WE all know Ramadan is fast approaching, and to welcome the holiest month of the year, we’ve packed our freezers, dusted off our Qurans and made intentions to devote more time in this blessed month to our prayers.
Ramadan is also the perfect time to pay our Zakah, as the reward for any obligatory deed in Ramadan is multiplied seventy times. Imagine how many more hours we would work if our employer put up our wage from £10 to £700 per hour for one month every year!
Islam encourages Muslims to be kind to others and as our Prophet Muhammed (pbuh) famously said that offering even a smile to another person is charity. Zakah however, is more than just charity. Zakah is a God given right the poor have in our wealth. Islamically, Zakah is the singular greatest obligation after Salah (prayer). The need for Muslims to pay Zakah has been stressed on many occasions in the Quran, and on no less than 32 separate occasions the Quran encourages Muslims to not only establish Salah, but also, in the same verse to pay Zakah.
It is therefore vital we know how to calculate our Zakah correctly, just like it is vital we know how to make wudhu and offer our Salah correctly. Many of us will know that 2.5% of the combined value of our cash, gold and silver is to be offered as Zakah if the value exceeds the Nisab level.
What’s Nisab I hear you ask? This is the minimum amount set by the Prophet Muhammed (pbuh) to establish whether a person owns sufficient amount of wealth in order to qualify for the payment of Zakah. This amount fluctuates with time and currently works out to approximately £232. (Readers are requested to approach their local Imam for further clarification of Nisab).
Do you need to pay Zakah on any other assets? Well, there are one or two basic principles to bear in mind which should allow the majority of people to fulfil their Zakah obligations correctly.
Firstly, Zakah is payable on debts other people owe us. Equally, debts we owe to others can be deducted from our Zakah assets as long as the debt is not payable in instalments, in which case, only the value of the twelve monthly instalments can be deducted.
For example:
Aadil has £300 in cash. However, he owes his brother £150. After subtracting the value of what is owed to his brother, Aadil now only owns £150 in cash. As this is less than the Zakah threshold, Zakah is not payable on this.   
Sarah on the other hand, has £150 in cash and holds some gold jewellery worth £700. Sarah’s sister owes her £150. Her total wealth before deduction is £1,000. However Sarah owes her neighbour £300 so she will deduct this from her total wealth, leaving a net figure of £700. After all deductions, Sarah’s net wealth is above the Nisab level (currently at £232) therefore, Zakah is payable at 2.5%. 
It is also important to remember to fix one date per year based on the Islamic calendar, for example 1st Ramadan, and base your Zakah calculations on the assets owned on this date. It is always worth checking with a local scholar or visiting a credible website to make sure your calculations add up properly, especially if you own a business or lots of financial assets.
Whatever amount of Zakah we may need to pay, it is important to remember wealth is a trust (amanah) given to us by Allah (swt) for which we will be questioned on the Day of Reckoning. Therefore, we should give Zakah gladly, because its payment enables us to fulfil a central obligation of Islam as well as benefit the needy.

This article has been written by Razina Bargit of the 1st Ethical Charitable Trust, a registered charity which seeks to empower British Muslims with the necessary information needed to conduct their financial, legal and business affairs in a manner consistent with Shari’ah principles.
FURTHER INFORMATION & RESOURCES:
Visit www.1stethical.com and download all the information you require from 1st Ethical Charitable Trust’s Online Knowledge Base ranging from Zakah Calculator, Online Guide on ‘Understanding to Calculating Zakah, Youtube Webtorials and much more. The Shari’ah accuracy of all material have been verified by Al Qalam Shari’ah Panel www.alqalam.org.uk

Comments

Latest Stories

Ramadhan
The Month of Mercy
Gaurav’s New Lease of Life
Sunny Bains Sits Down with The Asian Today To Talk Family Life
Happy Vaisakhi from all at The Asian Today
Find Out Why Sikhs celebrate Vaisakhi
Priya's Shakti
How One Rape Survivor is Challenging India’s Sexual Violence Problem
Making It Happen
Asian Women Mark Their Place in History
Bangladesh: A Story of Instability
We look at important dates that have shaped the country so far
Is Mother’s Day Necessary?
An Alternative Celebration
Social Media
Controlled - Altered - Distracted
SHAKTI
Raising Awareness Around Alzheimers
Reviving The Muslim Community
Op-ed by Dr Qari Muhammad Asim MBE
Auction

More Features From The Asian Today


Entertainment

Asian Entertainment - Actress Involved in Car Accident
03/07/2015
Hema Malini Injured
Actress Hema Malini has been injured in a car crash which left a four-year-old girl dead...
Asian Entertainment - A Heartwarming Tale of Ice-Skating Amidst the Struggle for Survival
29/06/2015
Promise Dad
UK cinemagoers will be taken on an emotional journey this summer with Promise Dad&n...
Asian Entertainment - Bend It Like Beckham: The Musical
29/06/2015
Glorious Opening Night
The critically acclaimed five star West End production, Bend It Like Beckham: The Musica...
Asian Entertainment - Asha Bhosle Best in Bollywood
29/06/2015
Playback Queen
Asha Bhosle has been declared the greatest Bollywood playback singer of all time b...

Interviews

Asian Interviews - On Her First Foray into Hollywood's Action-Comedy Scene
08/06/2015
Nargis Fakhri
Bollywood diva Nargis Fakhri has made her first foray into Hollywood with action-comedy ...
Asian Interviews - Speaks to The Asian Today about his videos, the tour and the British accent
08/06/2015
Zaid Ali
Meet Zaid Ali. Son. Student. YouTuber. Having shot to fame through his YouTube videos,...
Asian Interviews - In The Spotlight
08/06/2015
Superintendent Basit Javid
Tell us about yourself? Currently I am Superintendent of local policing at Birmingham...
Asian Interviews - British-Asian Singing Sensation Talks to DesiXpress
08/06/2015
Zack’s Nakhre
After scoring yet another number 1 on the Asian music charts, Zack Knight has a lot to...

News

Asian News - A Personal Journey to Seek Answers
03/07/2015
Remembering Peshawar
By Maryam Awan     On December 16th 2014 the world stood stunned at...
Asian News - Improve Muslim Community Relations
01/07/2015
US Diplomat Visits Park View
A senior aid to US Secretary of State, John Kerry, has visited a Birmingham school which...
Asian News - Romail Gulzar steps up his Fight Against Crime
25/06/2015
First Asian Chair of Crimestoppers for Leicestershire
Romail Gulzar, Managing Editor of Pukaar News UK, has just been appointed the new Chair ...
Asian News - YouTube Star Auditions for Show
25/06/2015
Lord Aleem for Top Gear?
YouTube star Lord Aleem is all set to audition for a space in the new edition of Top Gea...

Sport

Asian Sport - Uncapped Test Player Could Play in Cardiff
03/07/2015
Rashid in Ashes Squad
Adil Rashid sees his inclusion in England’s squad for the first Ashes Test&nb...
Asian Sport - Rain Interrupts Day Two
11/06/2015
India Keep Attack Against Bangladesh
  Incessant rain fall and soggy outfield forced play to be called off on the secon...
Asian Sport - Gabhru Panjab De Performed at Halftime for Leicester Tigers
20/05/2015
Bhangra Dancers Entertain Tigers
Dance group from West Midlands ‘Gabhru Panjab De Bhangra Dancers’ (GPD) were...
Asian Sport - Fall Short on 20-18 Loss
18/05/2015
BARA in Defeat to Italy
The British Asian Rugby Association (BARA) team, led by rugby league greats Garry Scho...