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This Ramadan 2015 reminder lecture by Shaykh Dr. Yasir Qadhi discusses:
-Importance of Zakah and how it is calculated
-Main fiqh rulings of Zakah
-Over 70 verses of believers who give zakah
-The sign of non Muslims converting mentions zakah
-Eisa (Jesus) said "Allah commanded me to pray and give zakah for as long as I live"
-Zakah is not a tax but a way to purify one's wealth
-Comes from "Zakkah" - One which cleanses
-Obligatory on every Muslim, based on lunar calendar year, on balance of wealth, once over the nisab (minimum) level
-Three categories which require zakah: Wealth ($3,500 in gold or $326 in silver), merchandise and livestock [only gold/silver, not other stones]
-Woman must pay her own zakah. Husband may pay it, but not required to out of generosity.
-Zakah is not on income, but on remainder after expenses after one year of having over the nisab amount
-Long term stocks or investment don't have zakat, but short term do. No zakat on 401k unless you have reached distribution age/time
-Can give zakat to siblings, cousins, etc, but not to parents or children
-Some should be given locally and some internationally
-Can't give to build masjid or hospital (majority opinion), can give to needy person who needs to go to a hospital
-No concept of paying zakat on haram income, but one should get rid of such income
-Debts: dire/immediate debt is deducted from zakat, but weak/long term (ie, mortgage) debts not taken into account
Presented: July 1, 2015 @ MIC
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