Q: Do students have to pay zakāh on money from a student loan, if they have it in their possession? For e.g. a person took out tuition fee loan and maintenance loan (not grant) which roughly comes to about £6000. From that, £3000 is automatically taken by the university i.e. tuition fee which leaves a […]
Read more...Author: alqalam_ITYPE
Are pensions considered to be a “zakatable” asset?
Q: Are pensions considered to be a “zakātable” asset? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: Final Salary pension schemes are not zakātable assets. Average Salary schemes also follow the same rule. Money Purchase schemes and Private Pension schemes wherein the pension fund is invested on behalf of and sometimes at the […]
Read more...What elements of my pension do I need to pay zakah on?
Q: What elements of my pension do I need to pay zakāh on? If my pensions is a “zakātable” asset then what do I need to pay the zakāt on? The entire holding (i.e. fund value) or pay zakāt on the annual contribution? Is zakāt payable on my contribution alone or mine and my employer’s […]
Read more...How much should I be paying as child maintenance to my ex-wife?
Q: How much should I be paying as child maintenance to my ex-wife? The issues I have are quite straightforward. How much should a man be giving as maintenance to his wife/ex-wife for the children because the amount calculated by the Child Support Agency is ridiculous? Also, how can it be justified if the father […]
Read more...Can I give my wealth to my children during my lifetime?
Q: Can I give my wealth to my children during my lifetime? I understand that when writing a will the Qurʾān tells us how our wealth should be distributed, e.g. 2/3 to the son and 1/3 to each of two daughters. But if I want to give my wealth to my children during my lifetime […]
Read more...Can I set up a Personal Injury Trust for my son?
Q: My son, who is 28 years old, is going to receive compensation for injury he sustained when he was attacked during his study in the UK. I, his mother, came from my country to care for him because he was left with brain damage and left paralysis. His father stayed home to work and […]
Read more...Is it permissible to purchase stocks using call and put options?
Q: Is it permissible to purchase stocks using call and put options? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: Call and put options are essentially the sale of a right which one party gives to another in return for a fee. The option holder purchases the option to hedge against possible negative […]
Read more...Do I have to pay zakah on my salary, if I haven’t received it?
Q: What is the ruling in relation to zakāh on my salary? For e.g. an individual who is paid his salary at the end of the month has to calculate his zakāh on the 25th of the month. Does he have to pay zakāh on the proportion of salary owed to him on the 25th […]
Read more...What is the ruling in relation to paying zakah on outstanding invoices owed to my business?
Q: What is the ruling in relation to paying zakāh on outstanding invoices owed to my business? For e.g. if a wholesaler sells his merchandise to retailers on credit; How should the wholesaler treat the outstanding amounts on the invoices for the purposes of zakāh? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: […]
Read more...Do I have to pay zakah on a deferred loan repayment?
Q: Do I have to pay zakāh on a deferred loan repayment? What is the ruling in relation to a loan resulting from the sale of personal property with payment deferred to a later date? For e.g. an individual has purchased a new car and paid the price in full. He has sold his old […]
Read more...Do I have to pay zakah on a loan that won’t be repaid to me?
Q: Do I have to pay zakāh on a loan that won’t be repaid to me? If a lender has lost all hope of recovering his loan how should he treat the outstanding amount for the purposes of zakāh? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: If a lender has lost all […]
Read more...Does Islam encourage people to work even if the only work they can find is low paid manual employment?
Q: Does Islam encourage people to work even if the only work they can find is low paid manual employment? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: It is clear that Islam encourages hard work, enterprise and self sufficiency.[1] Even when one is rightfully eligible to receive from the public treasury it […]
Read more...