jusa zakaat calculation table

8/3/2019 Jusa Zakaat Calculation Table

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Zakh: Masil and CalculationWhen a person owns Surplus Zaktable Wealth/Assets to the value of Nisb Rate for the durationof 2.5% is due on that Surplus Zaktable Wealth on that particular year-end date. Such a person iWealthy Person and is obliged to disburse the 2.5% Zakh to the recipients of Zakh.Zaktable wealth from which Current Liabilities are deducted is classified as Surplus Zaktable

ZAKTABLE ASSETS:CASH: Savings, cash on hand, petty cash, cash at bank, saved income from property investments, savSTOCK IN TRADE: Stock used for trading, investments in stock/asset shares & commodities, agricultu

Properties that are leased, fixtures & fittings, investments in leased assets, etc. are not considered as S

Properties purchased for resale are classified as Stock in Trade. Stock in Trade is calculated on the S

GOLD: Jewellery or items that are 50% or more gold content, Kruger Coins, gold ornaments, etc.SILVER: Jewellery or items that are 50% or more silver content, silver coins, silver ornaments, etc.DEBTORS AND LOANS: Monies that are owed to you (private loans), trade debtors, etc. There is no Z

or debts that are denied by the debtor and there is no evidence to prove that he owes. However, if suc

after many years then there is no Zakh on it for the past years; but Zakh will be due on it for the curre

LIVESTOCK: Livestock such as: goats, sheep, cows, bulls and camels for breeding purposes. The locwith regards to what amount of Zakh is due on them. Livestock for trade purposes is treated as stock

NON-ZAKTABLE ASSETS:Precious items not for resale, such as precious stones, artworks, paintings, antiques, stamp collection,Money collection that is not a legal tender.Dwelling, motor vehicles, furniture, household effects, personal items (that are not gold/silver), fixturesHarm wealth (interest, etc.).Non-Gold/Silver jewellery such as platinum, titanium, 9 carat gold jewellery (gold content is minority), etCURRENT LIABILITIES:Money that one owes to his creditor, whether the debt incurred was for private or trade purposes.CURRENT LIABILITY refers to the amount that one is required to repay within one Islamic Year from th

(e.g. The outstanding liability on a home loan is R500 000.00 which is being re-paid in monthly paymen

The current liability which will be deducted for Zakh purposes will be R60 000.00. i.e. R5000.00 x 12 m

Money that one is required to pay for any expenses incurred for the month, such as telephone/lights/waaccount, domestic worker, madrasah/school fees, etc.

NISB (Zakh Qualifying threshold):If a person owns a combination of the above-mentioned Zaktable wealth then his Nisb Rate (Zakh

would be the value of 612.36 grams of Silver (= 200 Dirhams).

The equivalent Rand value of 612.36 grams of Silver is daily calculated by the Jamiatul Ulama and RadIf a person owns only gold then the Nisb for his gold is 87.48 grams of gold.If a person owns only Silver then the Nisb for his Silver is 612.36 grams of Silver.EVALUATION OF GOLD:Zakh is not due on items where the gold content is less than 50%.Zakh is due on 24, 22, 21, 18 & 14 carat gold.Establish the carats and weights of all the gold items separately by a jeweller.Cluster/total the weights of each carat.


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Acquire the price per gram of each carat for that particular date on which Zakh is due.The price of gold for each carat can be acquired from the Jamiatul Ulama and Radio Islam.Multiply the total grams of each carat to the value of that particular carat (per gram).Add all the values together to give you the total value of gold.MISCELLANEOUS:

The Zakh donor should himself disburse his Zakh to a recipient of Zakh. If, however, he does not kto dispose of it correctly then he may appoint an agent to dispose of it on his behalf. The Zakh donor s

an agent that will not misappropriate his Zakh.

Zakh will not be discharged on behalf of the Zakh donor if the agent misappropriates his Zakh.Zakh cannot be used for administration costs incurred in disbursing Zakh to its recipients. However,

this purpose could be utilized. It is advisable that the Zakh donor gives his agent a donation to cover

disbursing of his Zakh.

It is more rewarding to distribute ones Zakh to a family member or debtor who is eligible to receive ZaIt is not permissible to give ones Zakh to ones spouse, parents and offspring.Zakh cannot be given to a person not eligible to receive Zakh.ATUL ULAMAS ZAKH ACCOUNT: Account Name: JAMIATUL ULAMA SOUTH AFRICA; Bank Name: HBZ BANK Ltd; Account No.: 2100

TUL ULAMAS LILLH ACCOUNT: Account Name: JAMIATUL ULAMA SOUTH AFRICA; Bank Name: HBZ BANK Ltd; Account No.: 210

Kindly fax deposit slips and any other confirmation of transfer of funds into these accounts to: 011 373 8022

Head Office: Tel: 011 373 8000 Fax: 011 373 8022

Web: www.jamiat.co.za Email: [email protected]


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of One Islamic Year then Zakhs considered as a

ealth.

ed dividends from investments.

ral produce for trade, etc.

tock in Trade.

lling Price of the trader.

akh on debts that are written off,

a written-off debt is recouped

nt Zaktable year.

l Ulama should be consultedin trade.

etc.

fittings, machinery.

c.

e date his Zakh is due.

s of R5000.00.

onths.)

ter/rates/etc.

ualifying Threshold)

io Islam.


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now of anyone or is unablehould appoint such

Lillh or a special donation for

osts involved in

kh.

8113

8120


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Assets Zaktable/Non-Zaktable

1 House Non-Zaktable

2 Property (not for resale) Non-Zaktable

3 Furniture, Household effects, personal clothing Non-Zaktable

4 Motor Vehicles (not for re-sale) Non-Zaktable

5 Gold coins Zaktable

6 :Gold Jewellery

a) 24 Carat Zaktable

b) 22 Carat Zaktable

c) 18 Carat Zaktable

d) 14 Carat Zaktable

7 Silver Zaktable

8 Diamonds, gem stones (not for re-sale) Non-Zaktable9 Cash on hand and at the Bank Zaktable

10 Saved rentals / Dividends Zaktable

11 Stock in trade Zaktable

12 Machinery, fixtures & fittings, tools of trade Non-Zaktable

13 Debtors Zaktable

14 Investments Zaktable

15 Hobbies:

a) Coin/Notes Collection (non-legal tender) Non-Zaktable

b) Paintings Non-Zaktable

c) Stamp Collection Non-Zaktable

d) Cars Non-Zaktable

16 Livestock Zaktable

17 Other

Total Zaktable Assets

Current Liabilities Total Value

1 Loan on House

2 Loan on Motor Vehicle

3 Personal Creditors4 Trade Creditors

5 Instalments on Credit Purchases

6 Other

Total Deductable Liabilities XXXXXXXXXXXXX

Zakh Calculation

Zakt Calculation TableJamiatul Ulama South Africa


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1 Total Zaktable Assets

2 Less Total Deductable Liabilities

3 Total Zaktable Amount

Zakh Due (2.5% of Total Zaktable Amount)

For further information on Zakh Masil, kindly contact: 011 373 8000 Web: www.jamiat.co.za Email: ula

Jamiatul Ulama South Africa Head Office: 32 Dolly Rathebe Road, Fordsburg 2092, Johanne

This table is downloadable from: www.jamiat.co.za

Pay Zakh if Total Zaktable Amount exceeds the Zakt Nisb


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Zaktable Value

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R 0.00

Deductable Value

R 0.00

Amount


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R 0.00

R 0.00

R 0.00

R 0.00

[email protected]

sburg.

jusa zakaat calculation table

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