British Heart Foundation
Wednesday 22 October 2014
Free Newspaper Asian News
The Asian Today Newspaper - Issue 191 Out Now View Issue 191 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

JAZZ UP YOUR HOME THIS DIWALI
By Kiran Singh
A Footballing Nation?
Will India Embrace the Beautiful Game?
The Festival of Light
Diwali Around The World
Punch-ups, Cover-ups and Cherie Blair
Welcome to the World of Gurdwara Politics
#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

More Features From The Asian Today


Entertainment

Asian Entertainment - Starring Kuljinder Singh Sidhu
16/10/2014
Yoddha The Warrior comes to Wolverhampton
Wolverhampton is to host the premiere of what the Times of India called the most eagerly...
Asian Entertainment - Becomes Lastest Bollywood Star to have Been Selected
14/10/2014
Katrina Kaif Wax Work to be Added at Madame Tussauds London
After winning a public vote for fans to choose the next Bollywood actress to be featured...
Asian Entertainment - Meet the Candidates
14/10/2014
The Apprentice 2014
  The Apprentice is back with a new batch of ambitious entrepreneurs seeking to de...
Asian Entertainment - The Two Stars Attended A VIP Launch of New Restaurant Cle Dubai
13/10/2014
Hrithik Roshan Parties with Hilton Heiress
Bollywood star Hrithik Roshan and Hollywood socialite Paris Hilton enjoyed a night ou...

Interviews

Asian Interviews - A Conversation With Zainab Jagot Ahmed
15/10/2014
Cooking Up A Storm
Prior to becoming a mummy, Zainab Jagot Ahmed worked in marketing for almost 10 years ...
Asian Interviews - Single Mother. Businesswoman. Campaigner
13/10/2014
Pam Malhi
Every month we will be bringing you an exclusive insight of a day in the life of an infl...
Asian Interviews - The 'Happy New Year' Star Speaks to The Asian Today's Sunny Malik
09/10/2014
Abhishek Bachchan
The team of Happy New Year, this year’s most anticipated Bollywood movie, descend...
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...

News

Asian News - Winners of Best Newspaper
25/12/2014
The Asian Today
The Asian Today - promoting education, diversity and integration. ...
Asian News - Worcestershire's Long Lartin jail under fire over murder of inmate
21/10/2014
Prison inmate murdered
Convicted killer Subhan Anwar was murdered by two fellow inmates in a Midlands prison. T...
Asian News - One of Birmingham’s original Balti restaurants will close after 45 years
21/10/2014
Balti restaurant closes
The restaurant, Saleem’s, is situated in Ladypool, Road Sparkbrook. Co-owner Salee...
Asian News - Bradford has been named Curry Capital of Britain 2014
21/10/2014
Bradford Curry Capital
The Northern English city which used curry as a “bonding agent” to bring a d...

Sport

Asian Sport - 2-0 Win Over NorthEast United FC
17/10/2014
Atlético de Kolkata Stay Top
Atlético de Kolkata remain top of the league table after a convincing display aga...
Asian Sport - Will Make Crown Hill a Local Centre of Excellence for Sport
16/10/2014
England stars launch Leicester facility
England cricketers James Taylor, Katherine Brunt and Sonia Odedra&nb...
Asian Sport - Dhoni Hopes To Lead The Team Into Hero Indian Super League
15/10/2014
MS Dhoni New Co-Owner of Chennaiyin FC
Indian cricket team captain Mahendra Singh Dhoni has been announced as the new co-owner ...
Asian Sport - Moeen Ali is crowned Player of the Year
08/10/2014
Talk Home Mobile Asian Cricket Awards 2014
England and Worcestershire all-rounder Moeen Ali capped a memorable summer by being name...