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Banking Details


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Tuesday, 09 January 2024 05:05

The Time of Zakaat

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When a person acquires wealth which equals the nisaab and the wealth remains with him for an entire lunar year from the first day he acquired the wealth, then zakaat becomes compulsory on that wealth. [1]

E.g. Zaid acquired R3 000 (which is the nisaab amount) on the first day of the lunar year (1st of Muharram 1434). This wealth remained with him for an entire lunar year. On the 1st of Muharram 1435, zakaat will be compulsory upon the wealth.

Tuesday, 02 January 2024 05:03

Zakaatable Wealth

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The following types of wealth are regarded as zakaatable wealth (wealth upon which zakaat is payable):

1. Cash (including cash in the bank) [1]

2. The market value of the merchandise contained in the share of the company [2]

3. The market rate of the balance of stock in trade (including raw materials) [See 2]

4. Receivable amounts i.e. debts owed to a person, monies loaned to people, etc. [3]

5. Foreign currencies [See 1]

6. Gold and silver [4]

7. Face value of the financial papers such as bonds loaned to the government, etc. [See 3]

Note: It should be borne in mind that bonds loaned to the government is not permissible as it is an interest-bearing loan. However, if one had got involved in it, then when the loan is paid back by the government, it will only be permissible for one to retrieve the original amount of the loan given. The interest amount paid out by the government will be impermissible. It will have to be given in sadaqah without the intention of receiving any reward. Similarly, it should be known that it is impermissible for a believer to deal in any form of interest (usury) whether it be receiving or giving an interest-bearing loan.

Tuesday, 26 December 2023 09:03

The Obligation of Zakaat

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Zakaat is fardh upon a person who meets the following criteria:

1. He is a Muslim

2. He is an adult (baaligh)

3. He is a sane person

4. He is a free person (not a slave)

5. He possesses zakaatable wealth which is equal to or exceeds the nisaab amount, and he possesses this wealth for an entire lunar year. [1]

Tuesday, 19 December 2023 05:24

Sunnats and Aadaab of Discharging Zakaat – Part Three

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7. Ensure that you do not give less than the amount that is obligatory upon you. Zakaat must be discharged after correctly calculating the amount that is due. Do not merely estimate the amount and discharge zakaat, as it is possible that you may estimate a lesser amount and fail to discharge your zakaat correctly. 

8. Refer to the Ulama to learn the correct method of calculating zakaat. [1]


[1] وَمَا أَرْسَلْنَا مِنْ قَبْلِكَ إِلَّا رِجَالًا نُوحِيْ إِلَيْهِمْ فَاسْئَلُوْا أَهْلَ الذِّكْرِ إِنْ كُنْتُمْ لَا تَعْلَمُوْنَ (سورة النحل: 43)

Friday, 01 December 2023 04:56

Sunnats and Aadaab of Discharging Zakaat – Part Two

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4. Regard the recipient of the zakaat as doing you a favour, as he is the means of you fulfilling your fardh obligation. Through him accepting your zakaat, he is cleansing your wealth from impurity. [1]

5. Give the zakaat to the recipient with respect and dignity. You should not cause any pain to the recipient of zakaat e.g. by embarassing him or reminding him of your favour upon him. [2]

6. Do not discharge zakaat for show nor publicize the amount of zakaat you have discharged. Carrying out good deeds for show and ostentation destroys the rewards of the good deeds. [2]

Friday, 01 December 2023 04:50

Sunnats and Aadaab of Discharging Zakaat – Part One

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1. When discharging zakaat, ensure that you discharge the zakaat from pure, halaal earnings. It is reported in the Hadith that Allah Ta‘ala does not accept charity given from impure wealth (i.e. haraam or doubtful wealth). [1]

2. Discharge zakaat with complete sincerity and with the intention of fulfilling the command of Allah Ta‘ala and earning His pleasure. [2]

3. Zakaat must be given happily and wholeheartedly. Do not regard zakaat to be a tax or a burden. [3]

Not Receving Reward for One’s Salaah

Hazrat Abdullah bin Mas’ood (radhiyallahu ‘anhu) mentioned, “We have been commanded to establish salaah and discharge zakaat, and the one who does not discharge his zakaat, there is no salaah for him.” [1]

The Ulama explain this Hadith to mean that though the obligation of salaah will be fulfilled, the person will not receive any reward for his salaah on account of him not discharging his zakaat. From this Hadith, it is clear that when a person neglects one branch of Deen, a detrimental effect is witnessed in all the other branches of Deen. Hence, just as neglecting zakaat impacts on salaah, similarly neglecting salaah will impact on zakaat and all the other branches of Deen. [2]

Wednesday, 22 November 2023 03:48

Zakaat

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Zakaat is one of the five main pillars of Islam. [1] Zakaat became fardh (compulsory) in the second year after hijrah, prior to the fast of Ramadhaan becoming fardh. [2]

There are many verses of the Quraan Majeed as well as Ahaadith of Hazrat Rasulullah (sallallahu ‘alaihi wasallam) which explain the great rewards that are promised for discharging zakaat.

Hazrat Hasan (radhiyallahu ‘anhu) reports that Hazrat Rasulullah (sallallahu ‘alaihi wasallam) said, “Protect your wealth by discharging zakaat, treat your sick by giving sadaqah and combat the waves of calamities by resorting to dua and humility.” [3]

Hazrat Rasulullah (sallallahu ‘alaihi wasallam) said, “The one who discharges his zakaat, his wealth is cleansed from impurity.” [4]

Tuesday, 07 March 2023 05:27

Sadaqatul Fitr

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Sadaqatul fitr is compulsory upon all those who possess wealth that equals the nisaab. Hazrat Abdullah bin Amr (radhiyallahu ‘anhu) reports that Rasulullah (sallallahu ‘alaihi wasallam) sent a person to announce in the streets of Makkah Mukarramah, “Know well that sadaqatul fitr is compulsory upon every Muslim, male or female, free or slave, child or adult, as two mudd of wheat (i.e. half a saa’) or one saa’ from other types of food (e.g. wheat, wheat-flour, dates, etc).” (Sunan Tirmizi #674)

Tuesday, 07 March 2023 05:08

Eid

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The occasions of Eidul Adha and Eidul Fitr are the days of celebration for the Muslims. On the occasion, of Eidul Fitr, Rasulullah (sallallahu ‘alaihi wasallam) said, “Indeed the people of every religion (e.g. Jews, Christians, etc.) have their Eid (i.e. special days of celebration), and this day (i.e. Eidul Fitr and Eidul Adha) is our Eid.” [1]

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