ASA. Jazak Allah Khairun Sheikh Yaseer Qadhi. Very comprehensive, informational and implementing lecturer. May Allah reward you, your family, friends, your teachers and Epic volunteers. Ameen.
I seen your video on how to calculate Zakat on Mutual Fund i.e. apply zakat rate of 1% on 30% of total mutual fund invested amount. However, you put a condition that this calculation only applies if MF is not bought and Sold. Lets see a condition wherein someone continue investing into MF on monthly basis in the form of SIP (systematic investment plan) but not selling any since MF being invested is for long term i.e. more than 3 yrs period unless some emergency arises. Could you please clarify whether the calculation method will remain same as here only buying is done but no selling.
Salam, I think our scholars are far behind on this subject, among others (cryptos ?). Owning a share is nothing more than owning a business, you can't have different rules here. Stock owners should be considered as business owners, so Zakat should be due Not on valuation, but on inventory (excluding machines, buildings etc...), exactly like a business owner. Just my humble opinion, and i'm ready to listen and change my mind if someone convinces me. Allah knows best.
Shiek Joe Bradford (graduate of Madinah University) has an option similar to yours and he has a TH-cam chanel explaining this and other islamic finance options
I agree. If we were to give 2.5% of the entire cash value of all of 401k assets that would be like giving up 40 to 60% of the overall annual pension. There would be no wealth accumulation and every retired Muslim with 401k would be condemned to poverty. I feel that many scholars don’t have understanding of compounding and its importance in modern retirement.
JZKH. SHHK. YASIR. Question. I subscribe to the position of giving zakat on investments, including deduction of taxes and penalties. Now, do I also need to deduct what I owe in mortgage, car loan, other misc., loans as well?
Salam Alaikum Shaykh, I have a question: Considering Zakat on 401K is after penalty and taxes, and considering the liquid amount a person has in the bank has already been taxed, should zakat on stocks also be calculated on the value of shares after deducting the tax rate?
Salama caleykum brother I have a property that is rented the profit every month I give out to families who needs and for support same orphans students nothing came in for can I consider for zakat which is 500 us every month or do I need to pay zakat I don’t know what should I do
Assalamualaikum, Dear sir, Hope you are doing well, kindly enlighten me on the procedure for zakat on the National Pension System in India. As you might know we can only get max 60% of the amount from NPS in hand at the time of retirement i.e., at 60yrs and the remaining 40% amount is compulsorily (by government law) used for purchasing annuity for Lifetime from a bank which in turn will give monthly pension to the individual for that 40% amount. My question is should I give zakat on the entire NPS amount or on the 60 % of the amount which is present in my NPS account. Second question is that if I get pension after retirement do I have to pay zakat on the monthly pension amount or on the annuity amount which is with the bank , because the annuity amount will be locked till the person is dead, the entire annuity amount will be returned to the children after a person and his spouse are dead. A pensioner himself cannot use his annuity amount in his entire life. I HAVE CHOSEN NPS DELIBERATELY IN ORDER TO SAVE TAX as I am a private employee. Kindly advise. JAZAK ALLAH KHAIR Regards Munazir Kashmir India
As salaam walekum, how do I ask a question? My question is that if a person believes in one “power” that runs the universe but is not religious can a Muslim man marry them? A religious agnostic not an atheist
Think of what that wife (the mother of your children) will teach your children. If you want your kids to be muslim, then no, you should not marry her. Think long term for this life and the next life, as you will be questioned how you raised your kids and children learn more from the mother.
As much as I know, Zakat is a haqq of Muslims. So it is due only to Muslims unless you dont find any Muslim who needs zakat. then its a different question. we are far from that situation.
ASA. Jazak Allah Khairun Sheikh Yaseer Qadhi. Very comprehensive, informational and implementing lecturer. May Allah reward you, your family, friends, your teachers and Epic volunteers. Ameen.
1 of my favorite Shaykh Qadhi ..bless & grateful Allah put you in our life..🤲⚘🌷👍💖
Jazakum Allahu khair!!! Very thorough. Very beneficial
First time I see Shaykh used powerpoint. It helped me understand the lecture.
Sheikha Aisha Wazwaz does this the majority of the time, she has a chanel and was a teacher at Masjid al Aqsa in Palestine
Allah ❤
This zakaat can't apply in kenya but I love listening to shaykh Yasir
I seen your video on how to calculate Zakat on Mutual Fund i.e. apply zakat rate of 1% on 30% of total mutual fund invested amount. However, you put a condition that this calculation only applies if MF is not bought and Sold. Lets see a condition wherein someone continue investing into MF on monthly basis in the form of SIP (systematic investment plan) but not selling any since MF being invested is for long term i.e. more than 3 yrs period unless some emergency arises. Could you please clarify whether the calculation method will remain same as here only buying is done but no selling.
10:16 Same in Europe
Salam, I think our scholars are far behind on this subject, among others (cryptos ?).
Owning a share is nothing more than owning a business,
you can't have different rules here.
Stock owners should be considered as business owners, so Zakat should be due Not on valuation, but on inventory (excluding machines, buildings etc...), exactly like a business owner.
Just my humble opinion, and i'm ready to listen and change my mind if someone convinces me.
Allah knows best.
Shiek Joe Bradford (graduate of Madinah University) has an option similar to yours and he has a TH-cam chanel explaining this and other islamic finance options
I agree. If we were to give 2.5% of the entire cash value of all of 401k assets that would be like giving up 40 to 60% of the overall annual pension. There would be no wealth accumulation and every retired Muslim with 401k would be condemned to poverty. I feel that many scholars don’t have understanding of compounding and its importance in modern retirement.
@@ermin7169 Won't you be gaining a lot of tax credits back if you were to pay that much?
Excellent
Keep doing with presentation or drawing in the board to explain especially difficult subject, Jazzakumullah khayran kastiran
JZKH. SHHK. YASIR. Question. I subscribe to the position of giving zakat on investments, including deduction of taxes and penalties. Now, do I also need to deduct what I owe in mortgage, car loan, other misc., loans as well?
Salam Alaikum Shaykh, I have a question:
Considering Zakat on 401K is after penalty and taxes, and considering the liquid amount a person has in the bank has already been taxed, should zakat on stocks also be calculated on the value of shares after deducting the tax rate?
Salama caleykum brother I have a property that is rented the profit every month I give out to families who needs and for support same orphans students nothing came in for can I consider for zakat which is 500 us every month or do I need to pay zakat I don’t know what should I do
How about 457b? You can't withdraw it unless you are 59 or you have a hardship?
ASA. Can the amount given as Zakat to a charity with 501(c)(3) status, be claimed in the Income Tax Return as Itemized Deductions in the next year?
In america the mandatory fund is called social security
Yes and a pension is a type of mandatory fund too
Assalamualaikum,
Dear sir,
Hope you are doing well, kindly enlighten me on the procedure for zakat on the National Pension System in India.
As you might know we can only get max 60% of the amount from NPS in hand at the time of retirement i.e., at 60yrs and the remaining 40% amount is compulsorily (by government law) used for purchasing annuity for Lifetime from a bank which in turn will give monthly pension to the individual for that 40% amount.
My question is should I give zakat on the entire NPS amount or on the 60 % of the amount which is present in my NPS account.
Second question is that if I get pension after retirement do I have to pay zakat on the monthly pension amount or on the annuity amount which is with the bank , because the annuity amount will be locked till the person is dead, the entire annuity amount will be returned to the children after a person and his spouse are dead. A pensioner himself cannot use his annuity amount in his entire life.
I HAVE CHOSEN NPS DELIBERATELY IN ORDER TO SAVE TAX as I am a private employee. Kindly advise.
JAZAK ALLAH KHAIR
Regards
Munazir
Kashmir India
As salaam walekum, how do I ask a question? My question is that if a person believes in one “power” that runs the universe but is not religious can a Muslim man marry them? A religious agnostic not an atheist
Think of what that wife (the mother of your children) will teach your children. If you want your kids to be muslim, then no, you should not marry her. Think long term for this life and the next life, as you will be questioned how you raised your kids and children learn more from the mother.
Can I pay my Zakat to a non Muslim?
As much as I know, Zakat is a haqq of Muslims. So it is due only to Muslims unless you dont find any Muslim who needs zakat. then its a different question. we are far from that situation.