Zakatable Assets


A Guide to Zakah - Understanding & Calculation, Fiqh

Allah Ta’ala has put the most minimum burden of monetary obligations on Muslims so that paying Zakah becomes convenient for every sahib-un-nisaab Muslim.

Firstly, it is not obligatory to pay Zakah on every asset. Rather only those assets are the subject matter of Zakah that have the potential of growth or increase. These assets may be broadly classified as follows:

1- Trading assets.

2- Cash & Cash Equivalent (like prize bonds, Travelers Checks etc)

3- Gold and silver

4- Livestock (goats, sheep, cows and camels)

5- Agricultural output.

August 19, 2011

The pursuit of halâl wealth Part 1


Bahishti Zewar, Fiqh, Part 5-Principles of Business

Hadith One: It is mentioned in a Hadith that to earn halâl wealth is a fard after other farâ’id. In other words, it is fard to earn halâl wealth after other farâ’id which are the pillars of Islam, such as salât, fasting, etc. This means that although it is fard to earn halâl wealth, the status of this fard is less than that of the other farâ’id which form part of the pillars of Islam.

November 29, 2010

HAJJ


Bahishti Zewar, Fiqh, Part 3-Fasting, Zakaat, Qurbani, Hajj etc.

If a person has wealth which is over and above his
basic necessities and which will be sufficient for him to make the onward and
return journey for hajj, then hajj becomes fard upon him. There are great
virtues in performing hajj. Rasulullah sallallahu alayhi wa sallam said: “There
is nothing in return for a hajj that is free of sins and evils except paradise.”
Similarly, great rewards have been mentioned for performing umrah.
Rasulullah sallallahu alayhi wa sallam said: “Hajj and umrah wipe out
sins just as a furnace removes the rust that has settled on
steel.”

August 31, 2008