Zakaat

QUESTION: My late father left me a provident fund as part of my inheritance. The current value is approximately R700 000. I have the option of withdrawing the entire amount at once, but doing so will result in a significant tax deduction. Alternatively, I can withdraw...

QUESTION: I'm in the process of buying a new business Insha'Allah, but I will only take over at the end of the year, once full payment is made. Currently I have paid a deposit and signed a contract with the owner to express my seriousness in purchasing the business....

QUESTION: Is the conversion of Zakaah to Lillah, carried out by many organizations and institution, permissible? If it is correct for the Darul Ulooms and organizations to give Zakaah to a poor person and then take it back as Lillah, can I not do the same, i.e. just...

QUESTION: With regards to provident funds, do I pay Zakaah on the full amount every year, or just on the amount that has matured for the year? ANSWER: Firstly, we assume that your query pertains to an involuntary provident fund imposed upon you by your employer....

QUESTION: I have a debt of 230 000 to pay on a house. My monthly payment is 7000 until the house is fully paid. I have 33 000 in savings, and 30 000 which I borrowed to someone. How will I calculate Zakaah on this? ANSWER: In principle, Zakaah becomes Waajib for a...

QUESTION: I recently paid Zakaah as Madrassah fees for a Baaligh child. I did establish from the mother at that time that the child did not possess the Nisaab and offered to pay it after informing the mother. I paid the full year's fees, transferring it into the...

Q1. I have inherited a part share in a private company from my late father’s estate. I merely receive a share in the dividends that the company receives from the companies on the JSE. Do I have to pay Zakaah? A1. Yes, Zakaah is Waajib on shares. Q2. Do I pay Zakaah on...