Masaail

July, 2011

• 20 July

  Value of zakaatable goods

  Q: I own a textile mill. I first import the yarn from which the material is manufactured. I supply certain companies material at the manufacturing cost plus ten percent profit. I also wholesale fabric at the wholesale price which is approximately my cost plus twenty percent. I am also a …
• 20 July

  Zakaat on Shares

  Q: Is zakaat fardh on shares? If yes, then how will it be calculated? A: Zakaat is fardh on shares. However, it should be noted that Zakaat is not fardh on the entire share. Rather Zakaat is only fardh upon the Zakaatable assets of the company (i.e. the market value …
• 20 July

  Zakaat on Properties, Flats, etc.

  Q: Is zakaat fardh on properties, flats, etc? A: Zakaat is not fardh on properties, etc. which are not purchased with the intention of resale. One will pay zakaat on the rent received. However, if the properties were purchased with the intention of resale, then zakaat will be fardh on …
• 20 July

  Offsetting a debt with the intention of zakaat

  Q: Will zakaat be discharged by offsetting a debt with the intention of zakaat? A: The zakaat will not be discharged by merely offsetting a debt with the intention of zakaat. However, if one wishes to discharge his zakaat through the debt owed to him, then he should give the …
• 20 July

  Using zakaat funds to purchase an item for a school

  Q: Will zakaat be fulfilled if it is used to purchase an item for a school? A: The zakaat will not be fulfilled unless a poor student is made the owner of the item. ويشترط أن يكون الصرف (تمليكا) لا إباحة كما مر (لا) يصرف (إلى بناء) نحو (مسجد) قال …
• 20 July

  Zakaat on the Payout Received from an Insurance Company for the Previous Years

  Q: Is zakaat compulsory on the payout received from an insurance company for the previous years? A: Zakaat is compulsory on the payout received from the insurance company for the previous years. However, it should be known that it is only permissible for one to take back the amount he …
• 20 July

  Zakaat on a person who cancels his intention of resale

  Q: A person purchased an item for resale purposes but thereafter cancelled his intention. After some time, he decided to once again sell the item. Will zakaat be fardh on the item? A: Zakaat will not be fardh upon the item. However, zakaat will be fardh upon the money received after …
• 20 July

  Zakaat on Life Insurance

  Q: Is zakaat fardh upon life insurance which matures after the death of the policy holder? A: Zakaat is not fardh upon wealth received from the insurance company after the demise of the policy holder. However, if the wealth was received during his lifetime, then he is obligated to pay …
• 20 July

  Zakaat on the payout received from a provident fund, pension fund or retirement fund

  Q: Is zakaat waajib on the payout received from a provident-fund, pension-fund or retirement-fund? A: If the employee willfully invests his money in the fund or commanded the company to invest it on his behalf or consented to the investment, then in all these situations zakaat will be waajib on …
• 20 July

  Zakaat given under the Pretext of a Gift or a Loan

  Q: Will the zakaat be fulfilled if it is given under the pretext of a gift or a loan? A: If the person gave the wealth to the poor person under the pretext of a gift or a loan, but had the intention of discharging his zakaat, the zakaat will …