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Madinat al-Muslimeen Islamic Message Board
| advice on paying zakat |
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| gift |
| 07/11/02 at 05:43:00 |
| [slm] i will be doing some work experience/work shadowing in august inshallah. i will be earning some money for this - i know that i need to pay zakat on this money but i have a question about payment of that zakat: does the zakat contribution have to be paid at any specific time, or can i pay it anytime? |
| Re: advice on paying zakat |
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| jannah |
| 07/11/02 at 13:45:37 |
| [slm] attia :) u don't have to pay zakat on your wages.. it's not really like an income tax. what you have to pay zakat on is wealth that you have had over a period of one year. ok this is how i do my zakat usually... correct me if anyone thinks there's something wrong.. so every ramadan i look at my balance from last ramadan to this one. so during this one year period if i always had over a certain amount (i think it's like ~$1000 USD (85 grams of gold as of today is ~$945) that means i have to pay zakat--- cause that means i'm not classified as a "poor person". so then what you have to look at is during this one year period what was your lowest balance in financial assetts (stocks, real estate, investment jewelry etc).. ie what was your lowest point... so that may be in february when i had like... say $2000 ... so i do 2.5 % of that and that's what i give to zakat... basically the main idea behind islamic economics is that 1. ppl who are rich have to give to the poor 2. ppl cannot horde their money.. ie the rich become richer 3. money is always free flowing in an economy encouraging use and investment instead of savings it's a really interesting subject..there are some good books out there too that discuss islamic ecnomics at length.. i even for 5 minutes going to major in economics ;) here is some good info: zakat information center: http://islam.org/mosque/Zakat/#learn u can look up some more information and ask your imam and stuff for some details for your specific case.... take care inshallah and give my salams to F. & T. :) |
| Re: advice on paying zakat |
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| bhaloo |
| 07/11/02 at 22:38:43 |
| [slm] That's what I do Jannah as well, look at what my low point was from one ramadan to the next With regards to jewelry there are some different views with regards to it, and its best to check with a local scholar. The 401k thing was at first a little confusing to me, but Dr. Siddiqqi has mentioned that we pay zakat on what we put in, at that time, and don't keep paying zakat on it, only when you take out the money then does that portion become zakatable if its kept for over a year. |
| Re: advice on paying zakat |
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| gift |
| 07/12/02 at 04:37:36 |
| [slm] thanxs for your help guys - this clears it up for me :-[ - i was a little confused ::) [wlm] p.s jannah i don't think F. is back in the uk yet |
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