Day 17 of Ramadan: Zakat on Crypto Assets – What You Should Know
What is Zakat? Zakat is a third pillar of Islam. Zakat is an obligatory charity. It is made mandatory for Muslims whose assets reach or exceed the Zakat Nisab. What is Zakat Nisab? It is a threshold which when your wealth reaches or exceeds make it mandatory for you to pay the Zakat. Who Should […]
How to Calculate Your Zakat as an Individual with a Business Venture
As a follow-up to the Zakat series in our previous articles, today we will learn how to calculate Zakat. The example below does not include all the Zakatable items but can be utilised as a template to be used to calculate Zakat. To do this, we have made this MS Excel version of a template […]
How to Calculate your Zakat as an Individual without a Business Venture
As a follow-up to the Zakat series in our previous articles, today we will learn how to calculate Zakat. The example below does not include all the Zakatable items but can be utilised as a template to be used to calculate Zakat. To do this, we have made this MS Excel version of a template […]
Individual Zakatable Assets: What You Ought to Know about Your Assets Before Paying Zakat
Individual Zakatable assets are your assets that are eligible and considered when calculating and paying Zakat. Such types of assets include (but are not limited to) : Money you put in the bank accounts, cash you save in other places other than the bank, and any other liquid assets. The market value of gold and […]
Retribution for not Giving Zakat
“As for those who accumulate gold and silver and do not spend it in the way of Allah, give them the ‘good’ news of a painful punishment. On the day it (the wealth) will be heated up in the fire of Jahannam, then their foreheads and their sides and their backs shall be branded with […]