I have to ask that if I engage myself in a business, that I sell a piece of land and I get my money (gain or profit) in not more than three months, does it make it necessary for me to pay Zakat out of the gain? What I mean to say is that, has giving Zakat been made requisite upon me or is it only compulsory if a year has passed
We believe that it is not necessary for an asset to be in our custody for a whole year before it is zakated. The Shari’ah has, on the contrary prescribed to pay zakah on our assets every year. We have to appoint a day for the payment and distribution of zakah, if the state has not determined one for the purpose, and then pay the zakah on all assets that particular day. All the assets…
I wanted to learn what is your view on application of zakah on money invested in stock shares? Do we need to pay zakah on the dividend alone or on the original investment, which cannot be divested at any point of time or both? In addition to this, we also posed a question that if Zakat is not applicable on the original investment, then whether Zakat is payable on monthly income which is received after deduction of 10% income tax, irrespective of the statutory exemption of income from income tax?
Zakat is either paid on the original amount (principal) or the return on investment. When an investment gives returns, it has always got to be on the returns at the rate of 10%. In case you are paying 10% tax at source, your Zakat has already been deducted. You don't have to pay anything further, except what you may want to spend voluntarily in the way of Allah.
How do you define Ijmā‘ and tawātur?
What outcome will face the people who accept innovations due to their self desires (khush 'qīdgī)?
Every Muslim is bound to consider something a part of the religion and adopt it which he believes has been transmitted to him from the Holy Prophet (sws). It does not have to do with the fact that whether he acquired it through his studies or he learned it from some religious scholar. He will be rewarded even if this opinion is not right if the man is determined to change his attitude whenever he…