07-30-2012, 06:13 PM
Allah (The Glorified and the Exalted- Subhaanahu wa Ta'ala) commands in the Quran, "Take alms out of their property, you would cleanse them and purify them thereby, and pray for them; surely your prayer is a relief to them; and Allah is Hearing, Knowing." [Al-Quran 9:103]
Narrated Ibn 'Umar: Allah's Apostle said: Islam is based on (the following) five (principles): To testify that none has the right to be worshipped but Allah and Muhammad is Allah's Apostle; to offer the (compulsory congregational) prayers dutifully and perfectly; to pay Zakat (i.e. alms); to perform Hajj. (i.e. Pilgrimage to Mecca), and to observe fast during the month of Ramadan. (Al-Bukhari, Vol.1, Book 2, No.7).
[size=12]Allah has notified some things on whoihc the Zakat is require to pay if you will not then it will effect you in Judgemnt day and in the world to. So Followings are the list of Things on which zakat is Require[/SIZE]
Zakat On cash :
As sated that the Zakat is also require on the cash on the amount of cash you have wether in bank and or personally on hand, at the end of the relevent zakat year year will always be subected to Zakat.Moneys lent and advanced are, for Zakat purposes, treated as cash and Zakat must be paid on such loans each year.
The Nisab for cash is equivalent to the value of gold or silver (whichever is less). At present Nisab of silver is less, so cash may be calculated according to silver. All the values of Zakat-able assets for the sake of calculation are converted into cash, and based on the fact that nisab is calculated according to the nisab of silver, which, on June 30, 2010, was $368.01 you can see the thread on Gold and Silver
Narrated Ibn 'Umar: Allah's Apostle said: Islam is based on (the following) five (principles): To testify that none has the right to be worshipped but Allah and Muhammad is Allah's Apostle; to offer the (compulsory congregational) prayers dutifully and perfectly; to pay Zakat (i.e. alms); to perform Hajj. (i.e. Pilgrimage to Mecca), and to observe fast during the month of Ramadan. (Al-Bukhari, Vol.1, Book 2, No.7).
[size=12]Allah has notified some things on whoihc the Zakat is require to pay if you will not then it will effect you in Judgemnt day and in the world to. So Followings are the list of Things on which zakat is Require[/SIZE]
- Gold and Silver
- Cash
- Stocks
- Mutual Funds
- Stock Options
- Business Merchandise Inventory
- Private Companies, Corporations and Partnerships
- Retirement Plans (401K, IRA, etc.)
- Real Estate Investments in Property Owning Companies
- Accounts Receivable
- Profits from Investments
- Trusts
- Long-Term Insurance (Life Insurance)
- Lump Sum Payments in Terms of Compulsory Pension and Provident Funds
- Severance Package
- Income Tax
- Liabilities which may be deducted
- Buried Precious Metals or Minerals (Rikaz)
- Livestock, Animals, Cows, Sheep, Camels
- Agricultural Produce
Zakat On cash :
As sated that the Zakat is also require on the cash on the amount of cash you have wether in bank and or personally on hand, at the end of the relevent zakat year year will always be subected to Zakat.Moneys lent and advanced are, for Zakat purposes, treated as cash and Zakat must be paid on such loans each year.
The Nisab for cash is equivalent to the value of gold or silver (whichever is less). At present Nisab of silver is less, so cash may be calculated according to silver. All the values of Zakat-able assets for the sake of calculation are converted into cash, and based on the fact that nisab is calculated according to the nisab of silver, which, on June 30, 2010, was $368.01 you can see the thread on Gold and Silver