Minggu, 21 November 2010

Calculating of Zakah (an example)

Mrs Ahmad owns a necklace of pure gold weighing 45g and worth £651.60 at the current market rate.* They has savings in her bank account of £1250, and they holds shares in a company that now have a resale value of £250. The total value of her wealth is £2151.60. The worth of the nisab is that of 87.5 grammes of gold, i.e. £1266.71 at current market rates. Since they has more wealth than the nisab they must pay four.5% of it as zakah to needy Muslims. four.5% of £2151.60, and thus her total zakah payable, is £2151.60  0.025 = £53.79.
* When you calculate your zakah, check the worth of your gold holdings along with your local goldsmiths or call us.
Zakah is payable at a rate of four.5% on most types of wealth, subject to basic conditions: (i) the worth of one's wealth exceeds the nisab (maximum value for zakah to be payable) and (ii) the wealth has been in one's possession for at least a year.
The nisab -- the maximum value of wealth must hold for zakah to become applicable -- is defined as 87.5g of pure gold or its equivalent value in money and applies not only to gold but to all types of wealth on which zakah is payable. At current gold prices the worth of the nisab is £1,266.71. A number of the kinds of wealth on which zakah is due are: (i) gold and silver, (ii) money held at home or in bank accounts, (iii) stocks and shares, (iv) money lent to others and (v) business stock in trade. Zakah is paid on wealth net of positive liabilities such as money owed to others, but excludes long term debt that is paid in installments, such as repayments on a house. Four times calculated zakah must be paid to of the stipulated causes eligible for zakah, such as the truly poor and needy

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