Guide to Zakat on Business Calculation

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Learn how to calculate Zakat on Business with this slideshow. You can also watch the video of this presentation at http://www.youtube.com/zakatsg

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Guide to Zakat on Business Calculation

  1. 1. Zakat on Business
  2. 2. Zakat Zakat on Wealth Zakat Fitrah Zakat Zakat Zakaton Savings on Business on CPF Zakat Zakat Zakat on Insurance on Shares on Gold
  3. 3. Zakaton Business
  4. 4. Zakat on Business HALAL Halal Haul & Full Productive Business Assets Nisab Ownership Assets Intentions
  5. 5. Step 1 Step 2 Step 3 Step 4 Step 5
  6. 6. Step 1 Step 2 Step 3 Step 4 Step 5 Current Assets Current Assets $ Cash in hand Bank balance 3,000 5,800 = Closing Stock 4,500 Calculate Trade debtors 1,500 Current Assets Total Current Assets 14,800
  7. 7. Step 1 Step 2 Step 3 Step 4 Step 5 Current Liabilities Subtract Current $ Liabilities Trade creditors 500 Accrued operating expenses 2,000 Subtract Current LiabilitiesTotal Current Liabilities 2,500
  8. 8. Step 1 Step 2 Step 3 Step 4 Step 5 Current Assets $ Subtract Current Liabilities $Total Current Assets 14,800 Total Current Liabilities 2,500 Net Current Assets $ Total Net Current Assets 12,300
  9. 9. Step 1 Step 2 Step 3 Step 4 Step 5 Adjustments Net Current Assets $ Total Net Current Assets 12,300 (+) Add Current Assets $ +/ Donation in last quarter 500 Add donations, personal drawings and subtract Personal drawings 30,000 obsolete stocks
  10. 10. Step 1 Step 2 Step 3 Step 4 Step 5 Adjustments Net Current Assets $ Total Net Current Assets 12,300 (-) Less Current Assets $ +/ Obsolete Stocks 1,000 Add donations, personal drawings and subtract Total Net Assets 41,800 obsolete stocks due for Zakat
  11. 11. Step 1 Step 2 Step 3 Step 4 Step 4 Step 5 Multiply asset valueTotal Net Assets 2.5% due for Zakat 41,800 Multiply total net assets due for Zakat by 2.5%
  12. 12. Step 1 Step 2 Step 3 Step 4 Step 55 Step Percentage Muslim Ownership Share Total Zakat: % $1,045 Multiply with percentage of Muslim ownership share of business

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