Calculating zakaat

Q: We are having an economic meltdown in our country. Due to lack of forex reserves, there is a vast difference between the dollar in the bank and the dollar on the black market. Due to scarcity, majority of the people are dealing with the black market rate which is very high in comparison to the bank rate. The bank also sometimes charges a premium that brings it close to the black market rate. The whole economy is running on the dollar and things change according to the rate. 

The issue comes about when calculating zakaat and other financials. Some Ulamaa have taken what they call a middle rate to benefit the masses. Others are taking the bank rates. Yet still some are of the opinion that the black rate should be taken into consideration because everyone is using it. What should be done in this case? What rate should we use? Your advice will be greatly appreciated.

Q: My zakaat date is on the first of Ramadhaan. At which time will I have to take an account to work out my zakaat, as during the day, I will also be doing trade. Hence, if I buy and sell during the day, will I include the wealth I acquire on that day in my zakaat calculation? Similarly, if I incur debts during the day, will I deduct the debts from my zakaat calculation?

Q: If a person is selling tiles, will he have to include the tile boxes and tile plastic wrappings in his zakaat calculation and pay zakaat on all, as one does not charge the customer for the boxes and the tile plastic wrapping separately?

Q: If a person on his zakaat date gifted a jewellery set to another person and it was also that person's zakaat date, who will pay the zakaat of the jewellery set?

Q: I sell clothing to chain stores as well as other traders. The chain stores mark up their clothing with a very high markup, making 300% to 400% profit. Other traders' mark up is not so high. The chain stores (e.g. Pep or Ackermans) have many 100 of branches in the country compared to the other traders that I sell to. Hence, the total number of traders will be 60 or 70 compared to the number of chain store branches in the country.

When calculating zakaat, the market value is considered. However, the normal traders sell it at R150 and those chains stores sell it at R300. Will one consider R150 as the market value or R300?

If the market value is considered according to the value of the chain stores, it will be quite difficult for the normal traders who only sell it at R150.

Q: Can I give zakaat money to my son in law who wants to study... I give my zakaat every year in Ramadhaan and he will only start studying around June... Is it ok for me to keep the amount aside up until June? Is it ok that I do not disclose to him that it is Zakaat money? He does work and earns a low salary which goes into necessities and he does not have the nisaab amount.

Q: I give my zakaat in Ramadhaan every year. Last years balance was R12 000 and this year is now increased to R30 000. Do I pay Zakaat on the R12 000 or R30 000?

Q: I have never had nisab for a full year. I normally get a bonus at the end of each year and then usually my income goes under the nisab during the year.

I do not have any other savings, investments, gold, silver, etc, but I do have nice furniture and expensive appliances. I also have a shariah loan outstanding for my car which I am still paying off.

Please advise if Zakaah is compulsory on me.

Q: With regards to the valuation of stock for zakaat purposes, I'm aware that we value it at market value. However in that market value is it excluding or including VAT.

Q: If a person had missed Zakat of £1000 and all he had was £1000 in his possession and he bought a phone for £500 for example, what is the ruling on that phone - is it haram for him to keep, is it his property etc?