Monday 22 December 2014
Free Newspaper Asian News
The Asian Today Newspaper - Issue 193 Out Now View Issue 193 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

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?
Happy Diwali from The Asian Today!
May You Have a Blessed and Prosperous Festival of Light
Punch-ups, Cover-ups and Cherie Blair
Welcome to the World of Gurdwara Politics

More Features From The Asian Today


Entertainment

Asian Entertainment - Studio will either develop a show for her or cast her in existing show
18/12/2014
Priyanka Chopra Signs US TV Deal
Bollywood bombshell Priyanka Chopra is set to join the ranks of Indian actors making the...
Asian Entertainment - Sampad South Asian Arts and British Council India Launch a New Anthology
17/12/2014
'Inspired by my Museum'
Birmingham-based organisation Sampad South Asian Arts and British Council India are pro...
Asian Entertainment - Bipasha Basu's latest horror film first to hit four million views on YouTube
17/12/2014
Four Million Hits For Chiller "Alone"
Bipasha Basu may well have acted in a number of horror films in her Bollywood acting c...
Asian Entertainment - Actor honoured in International Film Festival of Prayag
17/12/2014
Lifetime Achievement Award For Om Puri
The International Film Festival of Prayag, Allahabad, have announced that they will hono...

Interviews

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 ...
Asian Interviews - Author and Businessman Talks About His Journey
05/12/2014
Amit Kainth
Amit Kainth is a highly successful young entrepreneur, Asian business man and Author who...
Asian Interviews - Emerging Artist Talks to The Asian Today
05/12/2014
Anand B
Jeeti Productions have unveiled their latest new artist, Anand B. 21-year-old Anand rele...
Asian Interviews - Bollywood hunk Ajay Devgn is returning to UK cinemas with Action Jackson
04/12/2014
Ajay Devgan
Action Jackson is Prabhu Deva’s new family entertainer featuring Ajay Devgn, Sonak...

News

Asian News - Winners of Best Newspaper
25/12/2014
The Asian Today
The Asian Today - promoting education, diversity and integration. ...
Asian News - Government Accuses Charity of Extremist Links
19/12/2014
Islamic Help Gets Grant Cut
A Birmingham-based charity has blasted the government’s decision to scrap their gr...
Asian News - Vigil’s Across UK Show Solidarity with Pakistan
18/12/2014
“We Stand by Peshawar”
72 hours after the heartbreaking scenes unfolded in the Pakistani city of Peshawar, pe...
Asian News - Peshawar Atrocity Leaves British Relatives Heartbroken
18/12/2014
Birmingham Mourns Pakistan Tragedy
A businessman from Birmingham and a local mosque secretary were among those mourning t...

Sport

Asian Sport - Proceeds will go to families of murdered children in Peshawar
17/12/2014
Pakistan V New Zealand Going Ahead
The fourth ODI between Pakistan and New Zealand to be played in Abu Dhabi will conti...
Asian Sport - Celebrations Commence With House of Commons Visit
16/12/2014
Ten Up For British Asian Rugby Association
The British Asian Rugby Association (BARA) recently celebrated its tenth anniversary wit...
Asian Sport - British fighter takes masterful points win against American
15/12/2014
Khan Dominates Alexander
Amir Khan dominated Devon Alexander in Las Vegas, using his superior speed and footwork ...
Asian Sport - Khan Ready and Ripped to Go
09/12/2014
Headlining the MGM Grand Garden
Amir Khan has said that he is rearing to go for his weekend bout against Devon Alexander...