Zakat-ul-mal

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Zakat Al Mal

Sabeel Zakat Advisor

Zakat

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This information is used to send you a confirmation email with your zakat details as well as receipt of payment (if you choose to pay your zakat with us).
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Assets

Please fill in whatever is applicable to you.
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Cash can be easily understood as liquid wealth. It can be in the form of real cash bills, money available in the bank, or cryptocurrency.

Include all cash in your ownership or the ownership of your children (if you are paying Zakat on behalf of your children's wealth).

All cash must be included, whether in a bank account, wallet, purse, locker, or safe.

If interest has been earned on your liquid investments as cash, then this is not included for Zakat purposes. All interest gained should be given away to charity.

Don't forget to include cash held in other currencies.


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Gold, in whichever form (jewellery, coin, ingots, etc.) is subject to Zakat. Though the scholars differ in this area, it is safer to pay Zakat on all gold jewellery. Gold jewelry must be composed of more than 50% gold. Gold can be valued at its resale value by a jeweller or you can multiply the number of grams of gold you own by the current market value. Zakatable Portion of Gold Jewelry = (Weight of jewelry in grams - Weight of non-metals and stones) x (Resale price of gold) If you measure your gold in Tolas, convert it to grams by multiplying the tola by 11.66. There is no Zakat on metals other than gold and silver. There is no Zakat on gemstones and diamonds.


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Silver, in whichever form (jewellery, coin, ingots, etc.), is subject to Zakat. Though the scholars differ in this area, it is safer to pay Zakat on all silver jewellery. Silver jewelry must be composed of more than 50% silver. Silver can be valued at its resale value by a jeweller or you can multiply the number of grams of silver you own by the current market value. Zakatable Portion of Silver Jewelry = (Weight of jewellery in grams - Weight of non-metals and stones) x (Resale price of silver) There is no Zakat on metals other than gold and silver. There is no Zakat on gemstones and diamonds.


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Important Note: These business assets can be included in your personal Zakatable assets if you are self-employed and not incorporated. However, if you own (or share) a corporation, then your business assets should not be included in your personal Zakatable assets. Your business Zakat should be calculated separately from your individual Zakat. Business assets include cash, finished goods, work in progress, raw materials and receivables. Zakat is due on the wholesale price of your inventory or goods for sale. This is the price placed on your entire inventory in bulk. This amount would be Zakatable.


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You can treat your Shares in 1 of 2 ways: Treat as cash: Include the entire value of your stock portfolio and pay Zakat on it. Use this if you are a short-term investor (trading within one lunar year). Treat as a business commodity: Use the Zakatable Asset Ratio Formula below (use this if you are a long-term investor and not buying and selling within 1 lunar year). Zakatable Portion of Shares = (Zakatable Asset Ratio) x (Current Value of Holdings in Dollars) where, the Zakatable Asset Ratio = Total Current Assets / Market Cap And where, Total Current Assets = Cash + Cash Equivalent + Short Term Investment + Receivables + Inventory + Other Current Assets. (Generally, a line item on the company's balance sheet) And, the Market Cap is the value of the company, taken from the latest financial summary of the company Yahoo Finance is a good resource for most publicly traded companies IMPORTANT NOTE: If you hold Shariah-compliant stock ETF’s or mutual funds as a long-term investment, you may enter 30% of your ETF/Mutual fund holdings only. This is to approximate the Zakatable Asset Ratio for the assets held in the fund. Note, this proxy only applies to funds that hold stocks, and does apply to funds holding cash, gold, commodities, cryptocurrencies, etc.


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The Zakatable portion of RRSP is the fund amount minus the withdrawal tax. E.g., An RRSP fund contains $100,000. Should you withdraw today, your withdrawal tax would be 30% of the fund equaling $30,000. The net amount = $100,000 - $30,000 = $70,000 Therefore, your Zakatable portion of RRSP is $70,000 Note: The withdrawal tax varies based on the size of the fund. Please refer to the table below for reference. WITHDRAWAL AMOUNT UP TO $5,000 BETWEEN $5,000 AND UP TO $15,000 OVER $15,000 Rate of tax withheld for Canadian residents 10% withheld 20% withheld 30% withheld Rate of tax withheld for the province of Québec 5% withheld 10% withheld 15% withheld


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Since RESP accounts are under the control of the parent(s), they are subject to Zakat.

The Zakatable portion of RESP is the contributions you have made to the fund plus the growth realized on the fund.

E.g., There is $12,000 in an RESP fund, of which $10,000 was contributed by you, and $2,000 was contributed by the government. As result, you would be liable to pay Zakat on the $10,000.


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The house in which you live is not subject to Zakat. If a property or other fixed asset is purchased with the express intent to resell, then the entire sale value of the property is subject to Zakat. If the property is marked for sale and your Zakat becomes due but you don't have enough cashflow to pay Zakat, then you may pay it once the funds are available. Allah knows best. If you own a rental property, then you only pay Zakat on the rental income you have saved as part of your cash or liquid assets. Do not enter this money in this section. If you have no intention with a property or fixed asset (whether to sell, keep or rent out) then there is no Zakat on it until your intention changes.


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Cash investments may be bonds, money market accounts, certificates of deposit (CDs), or other savings products offered by your bank. These usually offer an interest-based return. Zakat must be paid on the principal portion of these investments, but not on the interest generated. E.g., Ali invested $10,000 in a savings product with 4% interest compounded annually. After 1 year, the fund is worth $10,400. On his Zakat anniversary, Zakat must be paid on the original investment (or the principal value) of $10,000. Therefore, the Zakatable portion here is $10,000. The remaining $400 interest income must be given away to a charity and not consumed. With many shariah compliant options for investments available in Canada, cash investments should be avoided. Allah knows best.


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Zakat is payable on strong debts, i.e. money owed to you that you are confident will be returned to you. This may include personal loans to friends or family. This does not include outstanding wages, dowry, inheritance not yet received, or assets held in trust.


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If you possess cryptocurrencies (such as Bitcoin and Ethereum) or other cash-equivalent / liquid assets that are not mentioned above, please add the dollar value of these here. This could include (but not limited to) The face value of NFT’s held as investments. Other currencies held in offshore accounts not included above in the cash section. Assets belonging to a family member on whose behalf you are paying Zakat Note: NFT’s held as collectibles and not with the express intent to resell them are not subject to Zakat. Allah knows best.

Liabilities and Deductibles

Expenses and liabilities that can be deducted from your Zakatable Assets. Liabilities include overdue bills and living expenses and debts that are due with the next year.

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These include outstanding or overdue living expenses such as rent payments, utility bills and debts.

For long-term debt, such as mortgages or student loans, only the non-interest or principal portion of the upcoming lunar year's worth of payments can be deducted.

If payments are not being paid on the long-term debt, then the debt is not deducted from your Zakatable assets.

Interest payments are not considered deductible liabilities for the purpose of Zakat calculation (whether short-term or long-term). It is recommended to prioritize repayment of all interest-bearing debt.

Note: Your upcoming living expenses not related to debt repayment are not deducted as liabilities. These include upcoming rent payments, bills, food, fees, etc.


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Remember to only include business liabilities if you are self-employed and not incorporated. If you own (or share) a corporation, then do your business Zakat calculation separately from your personal Zakat calculation.

Note: A period of twelve lunar months or less is considered short-term, while more than twelve lunar months is considered long-term.


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Credit Card

According to your numbers, you have no Zakat due this year.

Nisab

Silver
(595 g)

Price/g: $1.41
Nisab: $841.16

Gold
(85 g)

Price/g: $112.19
Nisab: $9,536.40

Updated on
Jun 18, 2024 09:25 AM