Wednesday, July 10, 2013

Holdings subject to Zakaat

Currencies
Currencies refer to gold and silver, as well as any type of money that
takes their place and similar things such as shares, bonds and checks.
In the past, paper currency was not known,and people used to barter
using commodities. This is a completely impractical and ineffective
method in large communities. People graduated in their types of
transaction until they had settled on using gold and silver. When
Allaah Almighty sent His Messengerpeople were dealing with Deenaar
(gold) and Dirham (silver) as their main currencies, and thus, when
addressing the issue of Zakaat the texts of the Quran and Sunnah
referred to these two forms of currencies.
Thee are many verses on the obligation of Zakaat on cash moneys.
Allaah Says (what means):"And those who hoard up gold and silver and
spend it not in the Wayof Allaah, announce unto them a painful
torment. On the Day whenthat will be heated in the Fire of Hell and
with it will be branded their foreheads, their flanks and their backs.
And it will be said unto them: 'This is the treasure, which you
hoarded for yourselves. Now taste of what you used to hoard'."[Quran
9:34-35]
The Prophetsaid:"Any owner of gold or silver who does not pay the
Zakaat due on it will, on the Day of resurrection, have his treasure
heated in the Fire of Hell and then made into plates. His flanks,
forehead and back will be branded with them. Every time they (the
plates) get cold, they will be heated again, on a day that will last
fifty thousand years. This will be done to him until Allaah pronounces
judgment on His slaves. Then onewill be shown his path, leading him
either toParadiseor to Hell."[Al-Bukhaari and Muslim]
The Zakaah due on cash money is two and one-half precent (2.5 per cent).
'Alireported that the Prophetsaid: "There isnothing (due) upon you in
gold until it reaches twenty Deenaars (equal to 85grams). Thus, if you
have twenty Deenaars at the end of year, then there is half a Deenaar
levied on it [as Zakaah]. Any additional amount will be calculated in
this manner. There is no Zakaah on wealth until it has been owned for
one (lunar) year." [Al-Bukhaari, Ahmad, AbuDaawood, and Al-Bayhaqi]
In another narration, the Prophetsaid:"There is noZakaah on less than
five awaq of silver."[Muslim] Five awaq of silver are equivalent to595
grams.
Trade and Merchandise:
Allaah permitted trade and earning from it if it iswithin lawful
conditions and deals with lawful commodities. Islam also has
prescribed Zakaat on the wealth that a merchant uses for trade as
gratitude to Allaah. It is also a fulfillment of the right of the
needy and as a contribution in the welfare of the Muslim community.
Muslim jurists paid great attention to this type of wealth and wrote
about it under the category of "trade goods." These included
everything planned for sale and purchases with the purpose of
attaining a profit, for Allaah Says (what means)"O youwho believe!
Spend of the good thingswhich you have (legally) earned, and of that
which We have produced from the earth for you... "[Quran, 2:267]
Jurists, in general, say that this verse is discussing Zakaah on trade
goods. Regarding the interpretation of this verse, Imaam
At-Tabarisaid: "Allaah means that you should pay Zakaat on good legal
earnings and pay the Zakaat from the good gold and silver and not the
ill-gotten ones."
In order for trade goods to be subject to Zakaah, juristshave
established specific conditions that should befulfilled. To fulfill
these requirements, the owner should be in.
1. Complete possessionof the goods.
2. The goods should constitute a Nisaab as determined by gold and
silver. Nisaab is the minimum limit of wealth or property on which
Zakaat becomes obligatory. One does not have to pay Zakaat on what he
or she needs to make a living, such as tools or machines relatedto
carpentry, farming, tailoring, or working as adoctor. All debts are
subtracted from one's wealth. And if the resultant wealth reaches the
Nissab, one must pay Zkaat.
3. A full lunar year of Islamic calendar should have passed on
these goods, starting from the day of Nisaab's possession.
4. The Zakaah due on all types of trade goods is2.5%.
Livestock Animals:
Livestock animals are camels, cattle and sheep. Paying Zakaat on this
is obligatory based on the saying of Allaah the Almighty (which
means):"O you who believe! Spend from the good thins that you have
earned."[Quran 2:267]
Also, the Messenger of Allaahsaid to a man who asked him about
migration: "Verily its matter is sever. Do you have any camels that
you pay charity (Zakaat) for?"The man said, "Yes."
The Prophetsaid: "Then do so from behindthe seas, for verily Allaah
will never disregard (decrease) anything of your deeds." [Al-Bukhaari]
And healso said:"By the One Whom there is no (true) god besides Him,
there is no man who has camels or cows or sheep, and he does not pay
their Zakaat, except that they will be brought to him on the Day of
Resurrection larger and fatter than they ever were. And they will
trample him with their hooves and gore him with their horns. Every
time the last of thempasses, the first will be returned to him (to
start over). This will continue until judgment is passed between all
the people."[Al-Bukhaari]
Fruits and Grains:
Grain on which Zakaat is applicable, is everything that is stored to
be eaten,such as wheat, barley, beans, chickpeas, chickling vetch,
peas lentils, corn rye, rice and the like. Fruit includes dried dates,
olives and raisins.
This ruling is based upon the Almighty's statement (which means):"O
you who believe! Spend from the good things that you have earned and
form what we have brought out for you from he earth."[Quran 2:267]
And also (what means):"And give its due on the day of itsharvest."[Quran 6:141]
The Prophetsaid: "There is no charity in what is less that five
Awsuq." [Al-Bukhaari andMuslim] Five Awsuq is equivalent to 618
kilograms.
The Prophetalso said:"On that which is watered by the sky (i.e. rain),
natural springs, or it receives water that comes down from the
mountains, a tenth (of Zakaat) is due (i.e. 10%).On that which is
watered by being sprinkled (by human efforts), a twentieth is due
(i.e. 5 per cent)."[Al-Bukhaari]
(Precious) minerals and buried treasure:
Zakaat on such items is one-fifth. Scholars have ruled that there is
no Nisaab for such items. However, some maintain that Zakaat must be
paid only when these items reach the Nisaab of gold.
The Prophetsaid:"'There is no compensation for a wound caused by a
domestic animal, a well (falling in it), a mine (working in it), and
one-fifth is due on buried treasure."[Al-Bukhaari]

No comments:

Post a Comment