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Zakaat

Hanafi Fiqh

Zakaat on Money

Hi, I wanted some understanding on giving zakaat based on the money you have. So below is an example of a scenario and i would like to know rough approoximate of how much zakaat we should give. 1st Scenario 10k in bank + 15k in stocks and 15k in car loan  (Montly...

Hanafi Fiqh

Zakat on 401k Plans

Assalam O Allikum,  I hope this letter finds you in the best of health and iman.  My question is on the zakat for 401k plan.  Assuming I have $100000 in my 401k plan and I am 50 years old.  So, this amount is over nisab but i have resticted access...

Hanafi Fiqh

Zakat or RESP Account

Assalam u Alaikum, I started an RESP accont for my daugter in Dec 2006. This account is dedicated to my daughter and she is the one who can collect this money when she will start gong to University. Money reached to Nisab (On Silver) in almost 7 months after the start...

Hanafi Fiqh

Zakat Question

Assalam Alaekum. I gave my zakat money to a family relative. I recently found out she is a Shia. Is my zakat valid, or do I have to give zakat again?  بسم اللہ الرحمن الرحیم الجواب وباللہ التوفیق Whoever has beliefs of infidelity, namely; believes in...

Hanafi Fiqh

Zakat Questions

Assalaam Alaikum WRWB, I have some queries related to Zakat. I have funds put aside for kids' college tuition in a 529 Plan, they are on 4 kids each of the following ages: 20 Years17 Years14 Years9 YearsWill I have to include those funds in my Zakat Calculator? My...

Hanafi Fiqh

Question about Zakat

Assalam o Alaikum, I hope you are well and staying safe. My name is Dr. Ghulam Muhammad Memon. I give a part of my salary to my father every month. My father dutifully pays zakat on that money every year during the month of ramadan. Due to some financial difficulty I...

Hanafi Fiqh

Can I pay zakat to my son to pay off his loan?

My son is in student loan debt of $480,000 with interest mounting every day. Can I pay my zakat to help him pay off his loan interest as I have no other money other than zakat money to pay her interest/ debt loan بسم اللہ الرحمن الرحیم الجواب واللہ المعین It is not...