Zakatul Mali
Zakatul Mali: Zakat means Cleansing and Mali means Wealth, so Zakatul mali Means “cleansing your wealth”
Zakatul Mali to pay 2.5 percentage your wealth annually compulsory to every Muslim men and women deducted from profits made from business calculated at the end of financial year, and or 2.5% share for those who own properties, expensive jewelries, farmers of plants and animals, salary earners, pension earners, any permissible form of earning.
Paying Zakat Monthly & Annually
Its Permissible to pay Zakat Monthly by Calculating only 2.5% of your monthly earning then save that money aside until financial year, invite Zakat collectors from responsible administration to help you calculate your zakat and confirm payment upon issuing a receipt as evidence of payment of Zakat.
Also , those who pay Zaka may decide to do so on monthly basis without fore the end of of year. after calculating monthly earnings and determine profits, then take out 2.5% and give it to those responsible for Zakat collection who must issue a receipt or any form of proof of receiving Zakat from you dates and place recorded.
2.5% Zakat is compulsory from the following :
- From profits of business calculated every financial year.
- Money collected from rentals of a house
- Salary earned monthly
- Pension earners
Annual Zakatul Mali from Animals and birds
Every after forty heads of animals , you must pay six of them, before the reach 40 heads of animals or birds Zakatul Mali has not become mandatory to that farmer but can give Sadaqa as we shall see. from farm of forty chicken must give 8 chicken for a year, for those who deal in animal and birds as farming. while those deal in animals and birds as business , meaning they buy and sell animals and birds, that is their business their zakatul mali Must have a financial year, they pray 2.5% annually from their profits made all over the year.
Annual Zakatul Mali from Cultivation from earth
The Zakatul Mali Becomes mandatory to Cultivation at the time of harvest, do not consider financial year to a farmer. he or She pay zakat per cultivation. This means must pay their Zakatul Malim per season harvested. This is calculated in kilos, from 40 bags of 100 kilo grams, Zakatul mali is 8 bags of 100 kilograms. and the if bags of 100 kilograms do not reach 40 , Zakatul Mali is not Mandatory to that farmer. but can pay Sadaqat.
Zakatul Mali for Gold and Diamond Mining
Zakatul Mali of Gold and Diamond and other mined stones including marbles is paid at after confirmed ready for sale for miners, these stones are calculated by Kilograms converted into grams . 2.5 grams per 100 hundred grams Zakatul Mali per mining season.
While buyers of gold to wear especially women for weddings or used any other form, they pay Zakatul Mali for it Annually calculated according to carats ( Karat). One Karat is equivalent to 0.200 milligrams). Pure gold is 24 Karat. Therefore Zakatul Mali of Usable Jewelries will be converted into its value according to the market at the time of calculating for Zakat. and then pay 2.5% of the Value of Gold , Diamond, etc Jewelries owned.
Zakatul Mali From Crude Oil, Gas, Platinum, etc
Crude Oil , Platinum, Gas, all products mined from earth and refined for usage by human beings are mandatory for Zakatul Mali in two different ways:
- for miners as soon they finish to refine them and ready for sale, they have to pay Zakat at the moment a share of only 2.5% of the total product.
- For Business dealers, 2.5% of Annual Zakatul Mali is paid from the profits per financial year.
for details contact us to explain more about Zakatul Mali.