Zakaat

Q: The zakaat payable on stock items for sale is it on the market price, cost price or sale price?

Q: There is great rewards in making sadqah in the form of wells. I wanted to know if on the well it is permissible to have a dua instead of the donors name. There are wells I've contributed towards, but charities insist on a donor's name. My intention was to make Allah pleased so I requested short duas on the plaques instead. So the benefactor remembers blessings. Is this permissible?

Q: I was for Umrah in Madina and had around 15 atar bottles which I didn't like and thought of giving to someone instead of throwing them away. I found a street vendor and gave it to him. He also gave me one atar and miswak as part of gesture.

1. Is it ok to give from my side? Will I be rewarded?

2. Can I take it from him? I don't know his niyat of giving it to me, probably he mentioned this is from my side as you have given this to me.

3. Later, I gave both atar and miswak adding some money to a poor person. Is it correct?

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?

Q: The following has occurred and I am not sure if it counts as my zakaat being fulfilled.

We have a neighbor who is a worthy recipient of zakaat. My parents were in the process of helping them amend some part of their home when my zakaat became due. I had informed them of it and so my mother gave the man who is doing the fixing, the money to buy the tools and materials with the intention of zakaat for our neighbor. It was not given to the man doing the fixing in lieu of his labour but rather for the material needed to fix our zakaatable neighbors house.

Is my zakaat considered as valid ?

Q: If Zaid had a gold ring but didn’t have it in his possession and was told by a jeweller that it would be no more than 1g and so he paid Zakah using 1g but then when he got it, it turned out to be 1.7g so he paid 0.7g for the required years, was that correct to do?

Q: Can zakaah money be used to buy stationary, toys etc. and be given to people who can receive zakaah, for their children?

Q: In our time, there are wealthy Muslims to take out loans from the bank for tens of millions of rands for the purpose of business, e.g. constructing an apartment block. Or taking out a mortgage for buying a home. Please advise:

(1) If the amount loaned exceeds their Zakaat asset value, does that mean these Muslims do not have to pay Zakaat, and that they are also eligible to receive Zakaat?

(2) Likewise, is it better for them to use money to pay off debts or Nafl Sadaqah/Lillah projects?

Q: I read somewhere that you can deduct one years worth of "bond" or car repayments from the Zakaat calculation. I have a car and house bond with an Islamic bank. Can you deduct the next 12 months repayments from the Zakaat calculation?