Understanding Zakaat

Introduction

Zakaat stands as one of the five pillars of Islam, with its obligation firmly rooted within the primary sources of Islam: the Quran and the Sunnah. It compels us to allocate a specific portion of our wealth to help the impoverished and the poorest in society. It is imperative for every Muslim to acquire a thorough understanding of this obligation to ensure its fulfilment is conducted appropriately. This knowledge encompasses a range of topics, including which assets are subject to Zakat, who qualifies as a rightful recipient, and the conditions that must be met before giving Zakat. In our increasingly complex financial landscape, where new forms of wealth accumulation like stocks, pension funds, and loans are prevalent, understanding the rules and principles of Zakat is more crucial than ever.

This course aims to remove the barriers to understanding all that which is to know about paying one’s zakaat. Participants will have the opportunity to calculate zakaat based on a given scenario, which will hopefully translate participants feeling confident in dealing with one’s own zakaat.

Topics Covered

Pre-requisites of Zakaat
Nisab of Assets
Zakaat Calculation – Step by Step Process
Zakaatable and Non-Zakaatable Assets
Personal Zakaatable Assets e.g. gold, silver and cash
Trading Stock – Business Assets
Liabilities
Receivable Debt – Creditor
Recipients of Zakat – Eligibility and Non-Eligibility

Course Objectives

By the end of the course, participants will be able to:

Understand the foundational rulings of Zakaat and their application.
Calculate one’s Zakaat on Zakaatable assets.
Understand which assets are Zakaatable and which do not apply for Zakaat.
Know who are the rightful recipients of Zakaat.

Who is this course for?

This course is aimed at all those who are seeking to understand how to calculate one’s own zakaat accurately so that they can fulfil their obligation to Allah. Many people believe that Zakaat is their duty to those most in need and while this is a consequence it is not the reason why Allah has instructed us to pay zakaat. Join us on this course to remove all these misconceptions!

‍