Q: I have jewellery for more than a year. However, I also have a personal loan for the same amount for which I am paying monthly and interest. So I am in debt for that much of amount the worth of which I have jewellery for more than a year. So do I need to pay zakaat for this ?
Q: Can you please advise the correct procedure for calculating Zakaat in the following situations?
Murabaha Car Loan From Albaraka Bank
Musharaka House Loan From Albaraka Bank for Investment Purposes
Musharaka House Loan From Albaraka Bank for Personal Use
Is the total outstanding loan deducted, the loan for the year deducted or the loan for the month?
And do you first calculate how much of the property you own according to the Albaraka property share and pay zakaat on that portion only?
Q: By the time of Ramadhaan when my zakaat becomes payable I will still have in my possession the money for the flights, qurbaani and spending money, none of which will have been in my possession for longer than one year, will zakaat be payable on all these monies in my possession? I have always been under the impression that zakaat is only payable if the money, jewellery, etc., is in your possession for at least one year at the designated date that one would normally pay zakaat. However, I was recently told that it would be payable if it is in your possession as at that date irrespective of the period or when it was received.
Q: If one is not certain of the day that he turned baaligh and years have passed. He paid zakaat for some years but does not know exactly how many years he missed. What should he do?
Q: Please advise if Zakaah is payable on a Provident Fund.
Q: Is zakaat payable on Intercompany Loans? Company X and Y are owned by Mr. A. Company X lends Y R250 000 as demonstrated on the balance sheet. The loan is a general loan with no specific purpose. The loan is an Asset to X and a liability to Y. Will Company X pay Zakaat on the loan receivable from Y? Will Y subtract the loan in its zakaat calculation?
Q: Is Zakaat payable on loans given to individuals and companies?
Q: Is Zakaat payable on second and third homes used occasionally? If yes, how should this be calculated?
Q: Is Zakaat payable on public company shares? If yes, how should this be calculated?
Q: 1. Is Zakaat payable on freehold vacant land? If yes, how should this be calculated?