Could someone please help me with my zakah problem, I cannot seem to get any useful help at the moment and I am under great pressure.
I would like to know if you calculate zakah on investment or on current value of an investment.
Example: I have some shares and their values change on a daily basis, also I bought a diamond for ?1,500.00 as an investment but I do not know its current value.
Could someone please let me know the correct way in how I calculate zakah on these two examples. Last year I calculated the shares on their value using the FT newspaper and calculated the diamond on the amount I paid for it which is ?1,500.00.
I was also told that the diamond falls under Khums by Islamic Centre of England which is 20% of the value instead of 2.5% which is zakah. Is this correct or does it only apply to shia sources?
Also would I need to re-value the diamond, if so, who will do this for me.
Your swift reply would be most appreciated as my year-end is in two weeks.