Tag Archives: Zakat
Can a donation made without intention, that turned out to be Zakat eligible, count toward Zakat?
My friend Chris Blauvelt over at Launchgood asks a great question on twitter: ” If you made a donation without intending zakat, but later learned it was zakat eligible, can it count toward zakat? @FarazRabbani @hwmaqbul @joewbradford. Guessing Hanafis/Shafis split like do you have wudu if you accidentally fall in a pool without intention.” Taking […]
Can I give Zakat to several people?
Question: Can I give Zakat to several people? Answer: You can give all of your zakat to one person as long as he/she is eligible. You may also divide up your zakat and pay it to several people, as long as they are eligible under one of the eight categories. For example: You have 300 […]
20 Questions on Zakat: A quick and easy guide to understanding Zakat
Featured in Sharia Portfolio‘s Newsletter, these are 20 Questions on Zakat which I wrote as a quick and easy guide to understanding Zakat. Be sure to get a copy of my book “Simple Zakat Guide” which has all this information and more, plus calculation formulas and worksheets. Enjoy 🙂 ===================================== 1. Who has to pay […]
Zakat on Pension and Retirement Plans
You may not have a 401k plan or an IRA, but instead a more traditional pension. If this is the case, you are not alone, and like many other people are asking yourself: Do I have to pay Zakat on my pension or retirement plans? The answer: Investopedia defines a pension plan as: A type […]
Do I pay Zakat on savings only or on my checking account too?
Question: Do I pay Zakat on my Savings only or on my checking account too? Answer: Zakat is due on ANY surplus wealth. It must be more than the Nisab and is in your possession after one year passes. This includes: Savings accounts, checking accounts, actively invested shares or Mutual Funds. It also includes cash […]
Islamic Economics vs. Global Capitalism
Islamic Economics is a topic of great interest nowadays. Sometime ago an article appeared in the LA times, asking the question “Will capitalism fall victim to its own success?“ From the article: Karl Marx is turning in his grave. Or perhaps not, because some of his writings eerily foreshadowed our era of globalized capitalism. His […]