1 / 15

Zakat Calculation: Nisab, Rates & Issues for Zakatable Assets

Learn about Shari’ah principles on zakat calculation for various assets, including livestock, gold, silver, and business inventories, addressing key issues and exemptions. Understand the significance of zakat in Islam and its economic and spiritual dimensions.

kculpepper
Download Presentation

Zakat Calculation: Nisab, Rates & Issues for Zakatable Assets

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Shari’ah Principles on Zakat Calculation: Nisab, Rates & Issues Dr. Mustafa Omar Mohammed

  2. Outline

  3. Introduction • Zakat is multi-dimensional: religious, social, economic, spiritual. Hence the issue of ijtihad • In embodies joint rights [Allah, the payer and the beneficiaries] • Inculcates giving behavior& and other positive values

  4. Zakatable Assets

  5. Zakat on Livestock • The prophet s.a.w provided nisab and rates for sheep, camel and cows KhalifahUmarr.a. added horse to the list, he collected 1 dinar per horse

  6. Zakat calculation on Sheep, camel and cow • Must meet the nisab • The passage of lunar calendar year • Should be pastured naturally [cost-free] • Should not be animals used for work

  7. Zakat calculation on Sheep, camel and cow Zakatability of baby animals?

  8. Zakat calculation on Sheep, camel and cow Ratios: 5 camels: 40 sheep: 30 cows

  9. Zakat calculation on Gold and Silver Exemptions include: ladies jewelries for personal use not as al-Rahn Men’s uses for medical reasons, e.g., teeth

  10. Zakat calculation on Business Inventories Business Inventories include: Final goods and services Financial assets [Securities, shares, unit trusts]

  11. Zakat calculation on Business Inventories Zakat on shares= 2.5% x [Market value per share x quantity of shares] Zakat on Sukuk= 2.5% x [Market value per Sukuk x quantity of Sukuk]

  12. Zakat on Labor

  13. Zakat on Labor

  14. ISSUES • Lack of awareness • Lack of effective management • Lack of trust • Lack of transparency • Variations of fiqh opinions

  15. Thank You Wa Allah A’Lam

More Related