Any silver items that you possess qualify for calculating Zakah. This includes the following items: • Jewellery • Coins • Gold bars, etc.It is quite common for a silver jewellery item, such as a silver ring, to contain gem stones and other elements. If a silver ring containing a gem stone is for personal use, then only the value of the silver part of the ring shall be calculated for Zakah. If, however, the silver ring is for trading purposes, then the value of both the silver part and the gem stone shall be included in the Zakah calculation. Cash in any form is considered for calculating Zakah. Cash can be of the following types: • Cash In Bank • Cash In Hand • Any Foreign Currency Do not consider any cash which is required for meeting basic needs and necessities. A person’s basic needs and necessities may be categorized into two types: (1) Direct needs, and (2) Indirect needs.• House/accommodation • Food • Clothing • Security• Incurred Debt • Means and tools to earn a living • Items and utensils for daily use • TransportationAnything that is bought with the intention of selling or profiting from is classified as Trade Goods. Examples of Trade Goods include: • Raw Materials • Finished Goods (ready for sale) • Property (bought with the intention of selling) • Company shares, etc. Anything originally bought with the intention of fulfilling one’s basic needs and necessities, even if that item is later sold to make a profit, is not a trade good and is therefore not considered for calculating Zakah. For example, if someone buys a house to live in, then that is not considered for calculating Zakah. Any items that are necessary for conducting business or trading, such a shop, office premises, the furniture and infrastructure within an office, are not considered for calculating Zakah.Any items that you are scheduled to receive are Zakatable and should be considered for calculating Zakah. Examples of receivables include: • Loans extended • Revenue expected from sold goods • Bank drafts, cheques, bills of exchange, bonds, saving certificates, government securities, etc. • Installments paid towards a community-managed financial savings scheme (in which a number of investors pay monthly installments and then receive what they paid lump-sum after a certain period)Any liabilities that you have will be factored into the calculation of Zakah. Liabilities may be classified as follows: • Payable Salaries • Payable Taxes • Payable Expenses • Payable Loans In the next four slides, we would be going through each liability category in detail. Any payable salaries that you owe will be factored into the calculation of Zakah.
Posted on: Sun, 21 Jul 2013 09:22:40 +0000
Trending Topics
Recently Viewed Topics
© 2015