Question Summary:
1- My conditiion ,,,, i have a shop, I borrowed alot of money from a friend of mine to buy the stuff for the store. Therefore,, i am in debt. and the profit that i gain i use it for my… 2- I read on one of the websites which says that Hz Thanwi has said that a few moments spend in the company of Ahlullah is better than hundred thousands years of optional… Question Detail:
1- My conditiion ,,,, i have a shop, I borrowed alot of money from a friend of mine to buy the stuff for the store. Therefore,, i am in debt. and the profit that i gain i use it for my house needs and if there is any money left , i give them to pay off my debt....My question is zakaat farz on me?? if yes, how do i calculate it....I mean when i take the stock , do i have to give zakaat on the selling price or the purchesing price.
2- I read on one of the websites which says that Hz Thanwi has said that a few moments spend in the company of Ahlullah is better than hundred thousands years of optional worship...Whats the reason??? is there any proof from the Quran and Hadith, if so please provide......
Answer :
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
1) Calculating Zakat:
Zakat will become compulsory on a sane and mature Muslim when his / her wealth exceeds the Nisab and this amount of wealth is maintained for the duration of one entire lunar year.
The Nisab is 20 Mithqals (87.479 g) for gold and 200 Dirhams (612.35 g) for silver. Any currency equal to the amount of any of these Nisabs will also render Zakat binding.
If one’s wealth decreases below the Nisab during the year but before the expiry of the year, it reaches the Nisab, Zakat will be binding contrary to the case of the wealth not rebounding to amount of Nisab upon the expiry of the year. However, if one loses his entire wealth, a new lunar cycle will begin after reaching the Nisab for the second time.
All debts and liabilities will be deducted from his wealth before calculating his estate. Only that particular year’s liabilities will be deducted from long-term debts such as car / home financing. Loans given and other receivables into one’s estate will be accounted for even if the person is not paid by his debtor for several years.
Any gold or silver items such as jewelry, ornaments etc. will also form part of Zakatable assets as long as the percentage of gold or silver in the item is more than the metal alloy with which it is amalgamated.
Similarly, any items purchased for trade will be subject to Zakat and must be accounted for in the calculation. The actual ruling of calculating merchandise for Zakat is that 2.5% of the actual goods themselves should be given away. However, one may also pay 2.5% of the present value of the goods, not the value at the time they were bought. The one who is involved in a retail business will calculate Zakat according to the retail value of the stocks. The one who is involved in a wholesale business will calculate his Zakat according to the wholesale value of the stock. The one who sells goods in retail and wholesale will calculate Zakat according to a value that is between the retail and wholesale value.
(Jadeed Fiqhi Masail, Vol.1 Pg.71 – Kutub Khana Na’eemiyah, Deoband)
A person should add his / her cash savings, values of gold and/or silver, value of the merchandise of trade and any receivables from debts etc. Thereafter, he / she should deduct the amount of debts owed to others. If the value of the net total equals the Nisab of gold or silver, he / she will have to pay 2.5% of the amount in Zakat.
Hereunder is a brief chart illustrating the calculation of Zakat:
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