Muslim Business Directory South Africa

Zakaat

1. Cash on hand and in bank accounts (saving, checking, etc.) 2. Refundable deposits (e.g. on rented apartment) 3. Non-delinquent loans (money you loaned to others) 4. Expected Tax refund       5. Gold and its certificate      6. Shares, stocks, bonds, IRA, pension plans, options, etc. 7. Business cash on hand and in banks plus invoices due. 8. Business inventory     9. Net income you are entitled to as of Zakat due date. 10. Total amount subject to Zakat (lines 1 through 9). 11. Zakat amount : If the amount is 0, then no Zakat is due. Nisab: It is 3 oz of pure Gold Due Date: Zakat is due after one Lunar (Hijri) year starting from either the first day you acquired the amount of Nisab or the day you paid Zakat last year Women jewelry is not subject to Zakat unless its amount is excessive or if not used. Pay business Zakat if inventory value is larger than Nisab