Eastzeast
Tuesday 23 September 2014
Free Newspaper Asian News
The Asian Today Newspaper - Issue 190 Out Now View Issue 190 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

#NotInOurName
Young British Muslims Launch Social Media Campaign Against ISIS
The Ongoing Issue of Female Infanticide
By Husna Anjum
The Relevance of Gandhi in the 21st Century
67 years on from Indian Independence
US Ambassador Boycotted Due to Conflict In Gaza
Waheed Saleem Lunar Society's Chairman Boycotts US Ambassador's Eid Reception
A Tale of Two Cities
British India's end led to the creation of separate states India and Pakistan
The Legacy of Quaid-e-Azam Muhammad Ali Jinnah
The Man Who Epitomised The True Proponent of An Islamic State
A Son's Journey
& A Mother's Promise
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

More Features From The Asian Today


Entertainment

Asian Entertainment - Contact Rifco Arts
17/09/2014
MummyJi Is Searching For the Stars of the Midlands
Would-be stars of the stage will have the chance to fulfil their dreams at an Asian vari...
Asian Entertainment - The hunt is on for lively families with a good grasp of general knowledge
09/09/2014
Quiz Show Relatively Clever's Organisers Seek Contestants
  Organisers of Sky 1's fun, new family quiz show, ‘Relatively Clever’...
Asian Entertainment - New dates for the concert will be announced in the near future
04/09/2014
Fusion 2014: Event Postponed Due To Unforeseen Circumstances
The FUSION 2014 concert, which had been scheduled for Friday 5th September and Saturday ...
Asian Entertainment - The Asian Today speaks to Ustad Rahat Fateh Ali Khan
02/09/2014
Ustad RFAK on international music and his journey back to love
  Iconic qawwal and global superstar Ustad Rahat Fateh Ali Khan performed his Back...

Interviews

Asian Interviews - Energy Professional Talks About Empowering Asian Woman Engineers
19/09/2014
Jaz Rabadia
An energy professional that helps businesses to reduce their energy usage, Jaz Rabadia i...
Asian Interviews - The Asian Today's Anita speaks to Double The Trouble's Kulraj Randhawa
12/09/2014
Kulraj Randhawa: On Doubling the Trouble with Gippy and Dharam
    Kulraj Randhawa is an Indian actress who has performed in a number of Bo...
Asian Interviews - Bollywood Starlet Talks to Sunny Malik About Finding Fanny
12/09/2014
Deepika Padukone
Deepika Padukone will be seen in UK cinemas again from 12th September 2014 in Homi Adaja...
Asian Interviews - Star Talks to Sunny Malik About Finding Fanny
11/09/2014
Arjun Kapoor
Bollywood star Arjun Kapoor is excited about his forthcoming release Finding Fanny oppos...

News

Asian News - Police Uncover Car ‘Chop Shop’
22/09/2014
Audi Theft Ring Jailed
Members of a high-end vehicle theft ring have been jailed for more than 17 years after a...
Asian News - Pizza Shop Owner More Concerned With Damage To Equipment
22/09/2014
Fire Crew Told Not To Save Boy
Emergency services have described their shock when a pizza shop worker told them not t...
Asian News - Police Appeal for Witnesses
18/09/2014
Man Shot in Head With Air Weapon
Police in Walsall are appealing for witnesses after a man was injured with an air weapon. ...
Asian News - Ikram Ullah Khan Died From a Stab Wound
18/09/2014
Fifth Man Charged with Murder After Sparkbrook Disorder
A man will appear before Birmingham magistrates charged with murder after being arrested...

Sport

Asian Sport - Suresh Raina Named Man of the Match
23/09/2014
CSK Batting Might Too Much For Dolphins
It was nothing short of a massacre at the M Chinnaswamy Stadium in Bengaluru. The Chenna...
Asian Sport - Sunil Narine Named Man of the Match
22/09/2014
KKR Sneak Home Despite Lions Fight Back
The Kolkata Knight Riders extended their winning streak to eleven matches after they def...
Asian Sport - Ex Indian Captain Speaks of His Fond Memories of Touring Pakistan
19/09/2014
'Absence of Pakistan Matches is Hurting Cricket' - Ganguly
For years, India was a team that underachieved perhaps owing to a lack of belief in thei...
Asian Sport - One More High-Profile Player
18/09/2014
Nicolas Anelka Joins Mumbai City FC
The Hero Indian Super League has one more high-profile player to add to its list of inte...