My parents brought gold for me since I was young, it is kept with them, and zakat has never been paid on it; what should I do?
If you are the owner of the gold, it is your responsibility to pay its zakat, and you can calculate the amount due each year by weighing it and checking its current market value online.
Finance & Business
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Should a wife protest if her husband insists on dividing his inherited property equally between siblings?
The wife should inform her husband of the Islamic rulings on inheritance, then leave the decision and its accountability to him.
Finance & Business
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Can one give interest money to Gaza?
No, interest money cannot be given as sadaqah to Gaza
Finance & Business
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Are giveaways allowed as it 0s up to chance?
Yes, giveaways are permissible because they do not involve paying to enter, which is the defining element of gambling.
Finance & Business
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Is zakat applicable on money kept over a year or on recently acquired money?
The easiest and safest way is to calculate Zakat annually on a fixed date based on your total assets that meet the Nisab threshold.
Finance & Business
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What is the best way to calculate zakat?
Calculate zakat by determining the nisab, taking a yearly snapshot of zakatable wealth, and paying 2.5% if the nisab is met.
Finance & Business
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Can you inherit from a non-Muslim either through a will or a gifting?
A Muslim cannot inherit from a non-Muslim upon death, but gifts given while alive are permissible.
Finance & Business
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If I had £5000 in my bank a year ago and £10000 now, do I pay Zakat on £5000 or £10000?
Pay Zakat on the £10,000 end amount if the balance never fell below the Nisab threshold throughout the year.
Finance & Business
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Do we have to pay zakat on money kids received as gifts?
Yes, the majority view is to pay zakat on a child's zakatable wealth, while the Hanafi view exempts until puberty, with the first view considered safer.
Finance & Business
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Is it okay to make dua for becoming a billionaire?
There is no issue with wanting wealth, but the key is how you attain and use your money, as both will be questioned on the Day of Judgment.
Finance & Business
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