Saturday 31 January 2015
Free Newspaper Asian News
The Asian Today Newspaper - Issue 194 Out Now View Issue 194 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


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

Reviving The Muslim Community
Op-ed by Dr Qari Muhammad Asim MBE
Merry Christmas and a Happy New Year
from all at The Asian Today
Stigmatising the Stigma
Raising Awareness of HIV in the Asian Community
Christmas Design Inspiration
Dining Room Design Ideas By Interior Designer Kiran Singh
The Village With The Gun
Remembering the Soldiers of the First World War, 100 years on
A Place Called Home
Worrying Decline of Ethnic Minority Adopters and the Impact on Children
Who is Malala Yousafzai?
A Heroic Advocate or A Traitorous Puppet?
Lest We Forget
Exploring the South Asian Contribution to the Great War
JAZZ UP YOUR HOME THIS DIWALI
By Kiran Singh
A Footballing Nation?
Will India Embrace the Beautiful Game?

More Features From The Asian Today


Entertainment

Asian Entertainment - Production Running at the National Theatre
30/01/2015
Stars Come Out for Dara's Opening Night
Tuesday night saw a host of celebrity guests attend the opening night of DARA, the Natio...
Asian Entertainment - Jatti ft Punjabi singer Harjit Harman
30/01/2015
Dj Dal Releases First Track from Remix Album
Internationally acclaimed DJ Dal releases his debut mixtape ‘In The Mix’...
Asian Entertainment - DJ Dips & Roach Killa
27/01/2015
Kaun Nachdi
The music master Dj Dips returns with a banger of a track entitled 'Kaun Nachdi'. This t...
Asian Entertainment - Marks New Era for Punjabi Movies
23/01/2015
Eh Janam Tumhare Lekhe Music Launch
The humanitarian movie is all set to set the Punjabi box office register ringing on Janu...

Interviews

Asian Interviews - A Day In The Life Of The Football Coach
14/01/2015
Manisha Tailor
Meet Manisha Tailor: Teacher, Sports Personality, Football Coach From pimary school ...
Asian Interviews - Bollywood Star Talks to The Asian Today about 'Baby'
09/01/2015
Akshay Kumar
Baby’, a highly anticipated action thriller, sees Akshay reunited with director ...
Asian Interviews - Former Apprentice Turned CEO of One Investments Shares his Property Journey
07/01/2015
Zeeshaan Shah
Zeeshaan Shah has had a truly globetrotting career as a property expert, from London to ...
Asian Interviews - Multitalented Dancing Duo Talk to The Asian Today
19/12/2014
SonAash
After their recent win at the Asian Wedding Awards, Bollywood ,kathak and bharathnatyam ...

News

Asian News - British Muslim Centres of Worship Open Doors to Public
30/01/2015
Visit My Mosque
On Sunday 1st February 2015, the Muslim Council of Britain will be organising a national...
Asian News - Who Was Deported from UK Three Years Earlier
29/01/2015
Lying Cabbie Passed Speeding Points to Pal
A cabbie has narrowly escaped prison for trying to palm off speeding points onto another d...
Asian News - Celebrate at Mid-Year Event
29/01/2015
Mosaic’s West Midlands Network
Mosaic’s committed mentors, teachers and supporters gathered last night in Birmingha...
Asian News - Anti-Muslim Vandalism Found On Campus
28/01/2015
Racism On Birmingham University Grounds
A number of racist graffiti attacks have taken place recently on the University of Bir...

Sport

Asian Sport - Will Now Face Australia
30/01/2015
England Beat India To Reach Tr-Series Final
India's three-wicket loss to England cost them the spot in the final of the ODI Tri-seri...
Asian Sport - Pakistani Bowler Cleared to Play Domestic Cricket
29/01/2015
Amir’s Ban Cut By ICC
Pakistani bowler, Mohammad Amir has been cleared to play domestic cricket by the Internati...
Asian Sport - Birmingham City Council Offers Funding to Grassroots Project
27/01/2015
This Girl Can
Birmingham community organisations are being offered funding to help stage a city-wide c...
Asian Sport - Indian Captain Wants More Partnerships
22/01/2015
"Have Faith In Our Batsman"
India have had a rather inauspicious start to their tri-series, losing their first two g...