Calculating and paying Zakat during the Covid-19 Lock-down
Zakat is the obligatory payment made by the haves to the haves not in society. It is different from tax one pays on their income in that Zakat is paid on the net wealth a person owns at their Zakat payment date.
A: Zakat should be transferred to a person who is Zakat eligible (I,e a poor person whose net wealth falls below the nisab). When it concerns using Zakat to build water wells, ideally this should be avoided because transferring of ownership
A collectable is any object regarded as being of value or interest to a collector. There are numerous types of collectables and terms to denote those types. An antique is a collectable that is old. A curio is a small, usually fascinating or unusual item sought by collectors.
A. Many Muslims who live in the West (like the UK) own lands and properties in their ancestral ‘home’. Some of these are productive assets and some use them for personal benefit of their close and distant family members.
Without going into the discussion surrounding mortgages and whether conventional (or otherwise) mortgages are Islamically valid, when calculating zakat this should be on the liability column. Since mortgage is a non-current debt and it is payable
Zakat is due on all cash a person owns at their Zakat due date. When calculating Zakat you will include all your zakatable assets, including any money from the disability allowance you may have accumulated at your Zakat due date.
Infaq, or spending, and the giving of charity in the way of God is mentioned in the Islamic texts frequently, for example: “O you believers! Spend from what We have granted you!” (Surah Baqara verse 254; Surah Munafiqun verse 10).
Nisab is the minimum exemption limit which a person’s wealth must reach to become Zakat liable or eligible. The minimum threshold has been set by the Prophet (pbuh) in authentic ahadith.
There are some possessions/types of wealth we own that we have to pay Zakat on and some we do not.