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Understanding amp calculating zakah 1stethical charitable trust x27 sguideto

s t E t h i c a l C h a r i t a b l e Tr u s t ? s G u i d e t o Understanding Calculating Zakah Edition V TM Charitable Trust CContents page Introduction What is Zakah Who Pays Zakah Who Receives Zakah Assets Subject to Zakah When to Pay Zakah Conditions for the Validity of Zakah Zakah on Debts - Receivable and Payable The Zakah Self-Assessment Form Tax-E ?cient Charitable Donations Summary - - - The contents of this guide have been veri ?ed by the Al-Qalam Shariah Scholar Panel www alqalam org uk TM Charitable Trust st Ethical Charitable Trust Spring ?eld Court Summer ?eld Road Bolton BL NT Phone Fax Email info stethical com Website www stethical com st Ethical Charitable Trust The Importance of Zakah All praise be to Allah Creator of the heavens and the earth and Owner of the Day of Judgement We bear witness that there is no-one worthy of worship other than Allah SWT and that the Prophet Muhammed SAW is his ?nal messenger Islam encourages trade entrepreneurial activity and the equitable distribution of wealth In order for commerce to bene ?t society Islam imposes several obligations on those involved in wealth-creation Islam also encourages Muslims to be kind and helpful This attitude is often manifested through the act of giving in charity Whilst certain types of charity Sadaqah are optional Islam has made the payment of Zakah a compulsory obligation upon each Muslim Although Zakah is a fundamental pillar of faith many Muslims are confused by the subject and are either paying Zakah incorrectly or worse still not paying it at all Muslims may also be unaware of valuable tax concessions available on donations made to UK registered charities These concessions can enhance the value of donations by at least for a basic rate tax payer and even more for a higher rate tax payer and are easily claimable in most cases by signing a simple declaration This guide o ?ers practical advice to UK based Muslims on tax-e ?cient Zakah-giving according to the Hana ? school of thought People not a ?liated to the Hana ? school should consult a scholar of their own choosing for further guidance The Importance of Zakah Zakah is the third pillar of Islam It ? s important is such that the Quran refers to Zakah in separate verses and has associated Zakah immediately after Salah on occasions The Quran commands Muslims to Establish regular prayer and give Zakah The Prophet Muhammad SAW states ? If someone is given wealth by Allah but does not pay its Zakah that wealth will appear to him on the Day of Judgement in the form of a bald serpent with horns encircling him and squeezing him all day then holding him by the lips and telling him ??I am your wealth the treasure which you hoarded ? ? Bukhari Muslim Scholars infer the giving of Zakah has both an