Leekes
Tuesday 22 July 2014
Free Newspaper Asian News
The Asian Today Newspaper - Issue 188 Out Now View Issue 188 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

Erasing Female Identities Through Forced Marriages
Taran Bassi
Violence against Women
CHAYYA SYAL
What’s in a Name?
Chayya Syal Talks About Race and Identity About British Asians
Autism in the Asian Community
Things Need to Change
Bangladesh: A Story of Independence
In its 43 Year History Bangladesh Has Garnered Many Achievements
The Changing Terrain of Marriage
The idea of having an arranged marriage is a very familiar to Asians
Distance is not for the Fearful
Keeping your long distance relationship alive this Valentine’s Day
Benefits Street
“Proud to call it Home”
The Question of Escape
The Immigration Dilemma
Nabila Sharma: Brutal
Nabila Sharma Breaks 28 Year Silence of her Imam Abusing Her

More Features From The Asian Today


Entertainment

Asian Entertainment - Releasing on 15th August 2014
18/07/2014
Ajay Devgn Reprises Action Hero Role In ‘Singham Returns’
Bollywood’s leading man Ajay Devgn is set to reprise his iconic role as the charis...
Asian Entertainment - Based on Life Story of Last King of Punjab
16/07/2014
Satinder Sartaaj Stars in New Punjabi Movie
Brillstein Entertainment Partners executive Jai Khanna will co-produce The Black Pr...
Asian Entertainment - Starring Salman Khan and Jacqueline Fernandez
16/07/2014
Kick To Release on 25th July 2014
Bollywood superstar Salman Khan is set tokick-start this Eid season with the forthcoming...
Asian Entertainment - Welsh Singer Releases Debut Solo Single
15/07/2014
Nesdi Jones – Tere Naal Ft. Chan Has
Nesdi Jones, a name that has been going around since the beginning of this year is now d...

Interviews

Asian Interviews - Stars of Kick Talk to The Asian Today
22/07/2014
Salman Khan and Jacqueline Fernandez
Salman Khan and Jacqueline Fernandez, the lead stars of the forthcoming action, romantic...
Asian Interviews - The Not So Secret OBE
08/07/2014
Kavita Oberoi
Kavita Oberoi is one of the biggest names in the business world. Having recently been aw...
Asian Interviews - President of the Institute of Asian Businesses
08/07/2014
Saqib Bhatti
Chartered Accountant Saqib Bhatti is in the prime of his life. Elected as the youngest P...
Asian Interviews - The Bollywood Actress Talks Bobby Jasoos
04/07/2014
Vidya Balan
One of Bollywood’s finest actresses, Vidya Balan will turn super sleut...

News

Asian News - Council Releases Statement After Ian Kershaw Report
22/07/2014
Trojan Horse
A Birmingham council-commissioned report into the Trojan Horse allegations by ...
Asian News - Over 1,500 Attend Ikram Elahi Funeral
21/07/2014
Sparkbrook Murder Victim Buried
  A procession of over 1,500 attended the funeral of murder victim Ikram Elahi, wh...
Asian News - Discontinued After Consultation With CPS
16/07/2014
Terror Suspect Faces No Further Action
A 20 year old man charged with facilitating terrorism has been told he faces no further ac...
Asian News - Kidnap Leader Extradited From India
16/07/2014
Leicester Man Jailed for Kidnapping Woman
The ringleader for a group which kidnapped a woman from Leicester has been jailed. &nbs...

Sport

Asian Sport - England v India - Second Test (Day 4)
21/07/2014
Jadeja and Ishant help India Nose Ahead Against England
Ravindra Jadeja and Bhuvneshwar Kumar exhibited some great counter-attacking batting to he...
Asian Sport - Sharma Man of The Match with 7/74
21/07/2014
India Achieve Historic Win at Lord's
India registered a historic 95-run win over England on the fifth and final day of the seco...
Asian Sport - Hit 103 Runs
18/07/2014
Rahane Leads India Fightback With Century at Lord’s
Ajinkya Rahane helped India reach a respectable total with a serenely compiled 103 in adve...
Asian Sport - Plenty to Ponder for Both Teams Ahead of Lord’s
16/07/2014
Preview: England vs India, 2nd Test
When  July 17 to 21, 2014  Where Lord’s, London  The Te...