Gold, silver and cash

Q: Kindly help by giving us the amount to be paid as Zakaat for the following jewellery (Kindly note that the owner never had any excess cash all these years, people would assist her financially; the jewellery was given to her as a gift in 1985, she now wishes to sell it in order to pay for the Zakaat of the past years). 21 crt bangles - 75.80 gr, 18 crt bangles - 66.90 gr, 18 crt broken gold - 116.50 gr. ( For my information I would like to know if the quantity/amount of gold will be reduced each year when calculating, as the lady never had any excess cash, and if she had to sell the jewellery to pay for the Zakaat then the quantity of gold on would decrease each year by 2.5 percent).

Q: Is zakat due on women's jewelry?

Q: Zaid contacts his travel agent on the 1st of Shabaan and obtains a quote to travel for umrah on the 1oth of Ramadaan. He immediately confirms and accepts this quotation of 100 000 but subject to him obtaining an Umrah visa. He may also cancel the booking at any time before 2nd of Ramadaan without any cost. His Zakaat year end is 15 Shabaan. May he deduct this 100 000 as a zakaat liability when calculating his Zakaat?

Q: I'm the executor of my dads estate. One of the bequests was to pay my younger sister a stipulated accumulative amount on maturity of a fund that's held at Oasis. During this period of maturity which might take a few more years to earn. The amounts accumulated over the last 4 years,do we have to pay zakaat on the current amount, and the amounts over the last 3 years? The account is on my sisters name who is of age, although i'm in control of the account.

Q: Please advise regarding mutilated banknotes and dye-stained banknotes for ones Zakaat calculation.

"A banknote is mutilated when its condition is damaged by deterioration, fire or when it has been torn, defaced or has missing portions." [https://www.resbank.co.za/BanknotesandCoin/CurrencyManagement/Pages/Cur…] This commonly results from fires or termite infestations.

It is mentioned, "In terms of the South African Reserve Bank Act, Act No 90 of 1989, Section 14 (4) the Bank shall not be obliged to make any payment in respect of a torn banknote or a banknote which, in the opinion of the Bank, is mutilated and which may be tendered to it, may at its discretion however make a payment in respect of such banknote." [https://www.resbank.co.za/AboutUs/PublicAwareness/Pages/Mutilatedbankno…] In order to replace such a 'mutilated banknote,' ones needs to apply to the South African Reserve Bank, where upon their inspection, full or half value of the mutilated note's value may be given, or nothing at all. [https://www.resbank.co.za/AboutUs/PublicAwareness/Documents/Form%20F%20…]

1. Assuming that a person does not wish to undergo this lengthy procedure of applying to the South African Reserve Bank in order to possibly replace such banknotes, but nevertheless still keeps such notes in his possession, should its value be included in his Zakaat calculation? Considering that he may apply for this replacement in the future.

2. A person has mutilated banknotes of a foreign currency. Like South African laws, the procedure of replacing them and their uselessness as legal tender are extremely similar. Such person has no intention of even replacing such foreign banknotes as the procedure would be too complex. Should these foreign, mutilated banknotes, be included in his Zakaat calculation?

3. Regarding dye-stained bank notes, it is a criminal offence in South Africa to even have possession of them - even if a person obviously did not commit the crime. Such dye-stained notes are not even accepted by the Reserve Bank. Should these dye-stained notes form part of ones Zakaat calculation? They are not legal tender.

Q: I am in possession of a collector's coin set of several silver coins that I need to include in my Zakaat calculation. I understand that the value of the coin set is dependent on the current market value of the particular coin set, and not on the market value of silver. Searching online, authentic retailers are selling this coin set at several prices, with the lowest price being R3 250.00 and the highest at R3 600.00. There are several different prices in between. I have emailed other popular retailers whose prices are not mentioned online, requesting their prices for this particular coin set. Insha-Allah, they should respond soon. Depending on the response of the other retailers and the current pricing information, how should I calculate the 'market value' of this coin set for my Zakaat calculation?

Q: I have a retirement fund called 401K where I contribute certain amount of money every bi-week and the employer matches certain percentage. I can withdraw the money if I wish but before the age of 59 and half if the money is withdrawn there is a penalty and tax burden involved. The question is whether I have to pay zakaah on the this and if I have to what would be the correct way to do this?

Q: Do we need to pay Zakaat on our compulsory pension/provident fund we have with the company. Should we include this amount (market value @ zakaat date) as part of our assets when calculating our Zakaat.

Q: Please advise if the following items (which are treated as assets in the Annual Financial Statement) are included under zakaatable assets for the purposes of calculating your zakaat:

1)Prepaid Expenditure

2)Deposits held by Suppliers or service providers eg. The municipality

Will "Income received in advance" (normally treated as a liability in the Annual Financial Statement) be included in determining your zakaat?

Q: We are in possession of a gold ring, also made up of diamonds, the ring was valued a year ago R18000.00, the weight is approx 3.93grams, is zakaat payable? I know the Nisaab for gold is 87.8 grams.