Fathalla Solutions is one of the leading consulting firms in calculating zakat accurately on business activities according to Sharia’ (Islamic Law). Fathalla Solutions is able to restructure your firm’s financial transactions and accounts to be in line with Zakat based upon the client’s financial data. We gave the hand to many companies, institutions & individuals in calculating zakat on an accurate basis in the Middle East, Europe, USA & Australia.
- To be liable for Zakat, one’s wealth must amount to more than a threshold figure, termed the “Nisab”.
- To determine the Nisab, there are two measures: either gold or silver.
– Gold: The Nisab by the gold standard is 85 grams of gold or its cash equivalent.
– Silver: The Nisab by the silver standard is 595 grams of silver or its equivalent in cash.
What part of your wealth is ‘Zakatable’?
- Cash or its equivalent: Cash in hand, in bank accounts, savings, money lent to others, saving certificates, bonds, shares, investment certificates and so on, are all taken into account when calculating Zakat.
- Gold and silver: Any gold or silver you possess is Zakatable, excluding jewelry, because these two metals have an intrinsic monetary value.
- Other precious metals and stones: are not Zakatable unless they were acquired for the purpose of trade.
- Stock purchased for trade: Any goods you have bought with the intention of selling are included in your Zakatable wealth.
What part of your wealth is not ‘Zakatable’?
- Any goods, other than gold or silver, which you have not bought for resale, are non-Zakatable.
- No Zakat is payable on your personal belongings, such as a house or a car.
When is the time of Zakat?
The Zakat year begins on the date on which your wealth reaches the Nisab. This will be your date, whenever it comes around, you will have to calculate Zakat, irrespective of any fluctuations in the amount of wealth in your possession.
Types of Zakat:
- Zakat on Money, Gold, Silver, Shares & Jewels (Al-Mal)
- Zakat on Trading Offers (Orood Al-Tegara)
- Zakat on Cattles (Al-Ana`am)
- Zakat on Crops (Al-Zorooa & Al-themar)
- Zakat on Rentals & Estate (Al-Mostaghallat)
- Zakat on Minerals & Treasures. (Al-Rikaz)