Q: What is the shar’iee ruling regarding a debt that is owed to a person who has no hope of receiving the money? A: If the debtor blankly denies owing the creditor and there is no way to retrieve the money, then zakaat will not be fardh upon the debt. …
Read More »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 …
Read More »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 …
Read More »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 …
Read More »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 …
Read More »Giving Zakaat to a Poor Child
Q: Will zakaat be discharged by giving it to a poor child? A: If the child’s father is wealthy then the zakaat will not be discharged by giving it to him. However, if the child’s father is poor or the child is a poor orphan then through giving him the …
Read More »Zakaat on a house or car purchased for resale but in the person’s use
Q: A person purchased a car or house with the intention of resale. Since he does not have any other mode of transport or residence, he is using the purchased car or house till he finds a buyer. Will zakaat be fardh upon the house and car? A: In principle …
Read More »Discharging zakaat of the previous years
Q: What is the Shar’ee ruling regarding a person who did not discharge the zakaat of his jewellery, wealth and stock in trade for many years? How should he discharge the zakaat of the previous years? A: It is compulsory upon one to discharge the zakaat during the year the …
Read More »Zakaat on Collaterals
Q: Zaid took a loan from Bakr. Bakr demanded a certain amount of cash and jewelry as collateral for the loan. Zaid paid back the loan after three years. Does Zaid have to pay zakaat on the collateral and jewelry for the previous years? A: Zakaat is not fardh upon …
Read More »Zakaat on Goods which one has not yet Received
Q: Zaid purchased a consignment of goods from Pakistan with the intention of resale. The goods were thereafter shipped to South Africa. The shipment has not yet reached the port of South Africa and Zaid’s zakaatable year ended. Will Zaid have to pay zakaat upon these goods which he has …
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