Zakaat and Charity
Q. What value should be considered when calculating stock in trade?
Q. Is Zakah compulsory on gold and silver that is for personal use?
Q. How does one calculate Zakah and does assets have to be in one’s possession for a complete year?
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Q. What is considered as receivables for Zakah purposes? Is there Zakah on monies owed to me through loans and other receivables?
Q: If you invest in unit trusts property investment do you pay Zakaat on total investment or profits?
Q: . Can a Step Mother give Zakaah to her step daughter & the other way around also?
Q: On the issue of begging I would like to know whether it is compulsory to give to every beggar that comes to your car or home if you are in possession of extra monies? Eg: does it matter if you can see the person is on drugs or is drunk or is well dressed etc.
Q: There are a few people who owe me money for loans they have taken and stock purchased etc. Should I regard these amounts as Zakatable assets when calculating Zakah?
Zakah is Fardh (compulsory) upon every sane adult Muslim (male and female) who possesses net-Zakatable assets (i.e. Zakatable assets over and above one's basic needs minus liabilities) to the value of Nisab (minimum threshold) for one's Zakatable (lunar) year.
