Sunday 23 April 2017
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SANZAF ZAKAH GUIDE 6:10

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SANZAF ZAKAH GUIDE 6:10

Any item acquired with the intention of reselling is considered Merchandise / Inventory and is thus subject to Zakah.
Any item acquired to help carry on the business, including vehicles, fixtures and fittings, equipment and tools, property, etc. are not subject to Zakah.

How to pay Zakah on Merchandise / Inventory
1. Establish the wholesale value of the Merchandise / Inventory based on the willing-buyer willing-seller principle and pay Zakah accordingly
2. Include value of raw materials, unfinished goods, defective stock, etc.

SANZAF Changing Lives Through Development And Relief

If you're interested in receiving the latest updates on SANZAF Projects and Programmes, forward your name and region to our Official WhatsApp number: 072 733 1727

SANZAF ZAKAH GUIDE 5:10

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SANZAF ZAKAH GUIDE 5:10

Property acquired for resale is subject to Zakah at the current market value.

Property acquired for living in, operating a business from or any other personal use is not subject to Zakah.

Property acquired as an investment, specifically to generate a rental income is not subject to Zakah. However, the net rental income on hand on Zakah valuation date is subject to Zakah.

How to pay Zakah on Property & Rental

  1. Property acquired for resale is subject to Zakah at the current market value on the Zakah valuation date
  2. The net rental income on hand on Zakah valuation date is subject to Zakah

SANZAF Changing Lives Through Development And Relief

If you're interested in receiving the latest updates on SANZAF Projects and Programmes, forward your name and region to our Official WhatsApp number: 072 733 1727

SANZAF ZAKAH GUIDE 4:10

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SANZAF ZAKAH GUIDE 4:10

Shares and Unit Trusts are considered as good as cash in the hands of the owner and may be subject to Zakah, especially when such Shares and Unit Trusts are acquired through brokers and/or the stock exchange.

How to pay Zakah on Shares & Unit Trusts
Examine the underlying assets and ...

  1. Pay Zakah on the proportionate value of the assets subject to Zakah. This may prove difficult as one will need to interrogate the balance sheet of the company to distinguish the different assets
  2. Pay Zakah on the current market value of the Shares & Unit Trusts as quoted in publications or the stock exchange (Recommended)

NOTE! Shares in Property Syndicates, i.e. where money is pooled together to purchase a physical property/building and where such an investment generates a rental income are not subject to Zakah. However, the net rental income on hand on Zakah valuation date is subject to Zakah

SANZAF Changing Lives Through Development And Relief

If you're interested in receiving the latest updates on SANZAF Projects and Programmes, forward your name and region to our Official WhatsApp number: 072 733 1727

SANZAF ZAKAH GUIDE 3:10

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SANZAF ZAKAH GUIDE 3:10

Insurance & Medical Aid are generally a risk management type of instrument which pays the holder or his/her nominee or service provider a sum of money when a predefined event occurs i.e. death, accident, disability, hospitalisation, graduation, etc.

Insurance & Medical Aid are generally taken out voluntarily by the beneficiary and the premiums paid towards them can sometimes be recouped (partially or fully), depending on the nature of the risk being covered.

Generally speaking, the premiums for short-term Insurance & Medical Aid are not refundable* except when a predefined incident occurs and are therefore not subject to Zakah.

How to pay Zakah on Insurance & Medical Aid

If the premiums are redeemable (i.e. cashable), either partially or fully, then

  1. Establish the total contributions to date i.e. add up all premiums paid since inception
  2. Establish the current value that can be redeemed (i.e. cashed)
  3. Pay Zakah on the lesser value between (1) and (2) above

NOTE! Most types of conventional insurances are not permitted in Islam

Changing Lives Through Development And Relief

If you're interested in receiving the latest updates on SANZAF Projects and Programmes, forward your name and region to our Official WhatsApp number: 072 733 1727

SANZAF ZAKAH GUIDE 2:10

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SANZAF ZAKAH GUIDE 2:10

Preservation Funds are retirement vehicles that are taken out voluntarily by the beneficiary, generally on retrenchment or resignation from employment.

However, while a Preservation Fund may provide some form of tax-savings, etc., they are generally not a condition of employment and are therefore subject to Zakah each year.

How to pay Zakah on Preservation Funds
On Zakah valuation date each year, establish the net value that can potentially be withdrawn (i.e. cashed) from the Preservation Fund and pay Zakah on this amount

SANZAF Changing Lives through Development and Relief

If you're interested in receiving the latest updates on SANZAF projects and programmes, forward your name and region to our Official WhatsApp number: 072 733 1727

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