Subtracting Long Term Loans for Zakaat
Q: My question is that does the business subtract Long term Liabilities when doing the zakaat calculation e.g. a loan of R2 million financed through the bank to purchase fixed assets and property.
Calculating zakaat
Estimating One's Bank Balance For Zakaat
Q: When calculating zakaat, Will it be valid if I estimate how much money is in my bank instead of getting the actual figures? I have an idea of what is in it.
Using the Cash Value of Items in the Calculation of Zakaat
Q: Is it permissible to first convert all items (Like Gold, Jewellery, Stones and Merchandise in the shop) in cash and then pay 2.5% of it?
Zakaat on Retirement Annuities and Loans
Q: I'm currently calculating my Zakaat, and would like clarity on the following 3 points:
Offsetting a debt with the intention of zakaat
Q: Will zakaat be discharged by offsetting a debt with the intention of zakaat?
Wealth decreasing before the zakaat date
Q: What is the mas’alah regarding a person whose wealth decreased before the zakaat date?
E.g. Bakr possessed R1 000 000 throughout the year. Just before the end of his zakaatable year i.e. 1st of Ramadhaan, he suffered a loss of R900 000 in his business. Will Bakr now have to pay zakaat on R1 000 000 or R100 000?