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Dr. Mustafa Omar Mohammed

Shari’ah Principles on Zakat Calculation: Nisab, Rates & Issues. Dr. Mustafa Omar Mohammed. Outline. Introduction. Zakat is multi-dimensional: religious, social, economic, spiritual. Hence the issue of ijtihad In embodies joint rights [Allah, the payer and the beneficiaries]

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Dr. Mustafa Omar Mohammed

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  1. Shari’ah Principles on Zakat Calculation: Nisab, Rates & Issues Dr. Mustafa Omar Mohammed

  2. Outline

  3. Introduction • Zakat is multi-dimensional: religious, social, economic, spiritual. Hence the issue of ijtihad • In embodies joint rights [Allah, the payer and the beneficiaries] • Inculcates giving behavior& and other positive values

  4. Zakatable Assets

  5. Zakat on Livestock • The prophet s.a.w provided nisab and rates for sheep, camel and cows KhalifahUmarr.a. added horse to the list, he collected 1 dinar per horse

  6. Zakat calculation on Sheep, camel and cow • Must meet the nisab • The passage of lunar calendar year • Should be pastured naturally [cost-free] • Should not be animals used for work

  7. Zakat calculation on Sheep, camel and cow Zakatability of baby animals?

  8. Zakat calculation on Sheep, camel and cow Ratios: 5 camels: 40 sheep: 30 cows

  9. Zakat calculation on Gold and Silver Exemptions include: ladies jewelries for personal use not as al-Rahn Men’s uses for medical reasons, e.g., teeth

  10. Zakat calculation on Business Inventories Business Inventories include: Final goods and services Financial assets [Securities, shares, unit trusts]

  11. Zakat calculation on Business Inventories Zakat on shares= 2.5% x [Market value per share x quantity of shares] Zakat on Sukuk= 2.5% x [Market value per Sukuk x quantity of Sukuk]

  12. Zakat on Labor

  13. Zakat on Labor

  14. ISSUES • Lack of awareness • Lack of effective management • Lack of trust • Lack of transparency • Variations of fiqh opinions

  15. Thank You Wa Allah A’Lam

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