Zakaat

Some Zakaat related Questions

Q: 

  1. Have a sum of money in a Credit Union (CTCL) as savings eg $15,000.00 and receiving divident annually?
  2. Have a saved sum of $10,000.00 in an insurance company for a term of 5 years. After completion of five years will receive $10,000.00 plus bonus for 5 years?
  3. Have a sum of money in FNPF (compulsory savings from governments salary for the job we do) and the governments adds some amount to it annually may be as interest/divident or bonus. 
  4. Have a house from which we receive rent as income,which we use to pay the rent of the house we staying in. 
  5. Could zakaat money be given to a person who is on a home loan for the house he is living in.He makes the payment of loan from his salary and also from the rent he receives from a flat attached to his house.
  6. Could zakaat money be given to a muslim person who married a converted muslim for the payment of the home loan in which they live, as both of them do not follow the muslim culture anymore. 
  7. Is it right (Halaal) or not. I am paying insurance for my ownself from my salary so that if I die due to some reason the sum insured could be given to my kids or life partner so that they do not find difficult financially for some time.Or if I have an accident the money could be given to me so that I can meet my own living expenses when I cannot earn anymore.

Zakaat on Redundant Stock

Q:

  1. Can a person give out redundant stock as zakaat? I.e. He discharges his zakaat by giving out the redundant stock to zakaat recipients, hence offsetting his zakaat.
  2. The original value of the stock was for eg. R20000, but is now only valued at R10000. Will R20000 of his zakaat be discharged or only R10000?

Zakaat on Holiday Vouchers and Unique Cell Numbers

Q:

  1. I purchase holiday vouchers at R20 each. I sell most by putting them on R1 auction and they sell at whatever price the auction closes. I do have a buy now price of R130. The company I purchase from retails them R300 each. What price do I use to calculate zakaat?
  2. I sell unique cell numbers. I am about the only person selling, so I can't figure out the market value. I purchase few at set prices and pick up others for free at different stores. Cost of the sim card is R1. The number can be sold for anything bet R200 and R20 000 depending on who the buyer is. How do I calculate zakaat for this.

Zakaat on property

Q:

  1. If we have bought land at a cost of 10lakhs & we kept that land for a period of 6 years & then we sold at 26.5 lakhs. Do we have to give zakaat on that 6 years? Do we have to give zakat on the profit we got  from it? How much do we have to give 2.5%, less or more?
  2. If I have a property and no income is coming from that property then do I have to give zakaat on cost of that property?
  3. I have a house in which i am not living, but i rented that house. Do I have to give zakaat on the rent I am getting from that house?
  4. We have to give zakaat on gold no doubt. On what rate do we have to give zakaat? On the present rate or on the rate at which we bought it?