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Zakat in Islam is generally regarded as a form of worship and self-purification.

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ZAKAT AND ESTATE PLANNING – PART 1

 Zakat in Islam is generally regarded as a form of worship and self-purification. The third pillar of Islam, Zakat is the compulsory giving of a specific portion of one’s wealth to charity. In monetary terms, Zakat refers to the portion of a Muslim’s income (usually 2.5%) earned within a lunar year which goes to the less fortunate/less privileged in the community. This generally applies if your annual wealth exceeds a specified amount and is calculated on the amount in left over after other essential responsibilities have been covered.

The wider aim and concept of Zakat, is enabling the poor to become self-sufficient. This is based purely on the Prophetic directive; when the Prophet (SAW) sent Mu’adh to Yemen, he said to him: “You are going to a nation from the people of the Scripture …tell them that Allah has enjoined on them Zakat of their properties and it is to be taken from the rich among them and given to the poor among them…”. However, this is not meant to be a permanent solution and many Islamic scholars agree that in paying Zakat, priority should be given to one’s neighbours.

The Qur’an does not dictate a specific measurement tool for Zakat and as such, it is the responsibility of the individual to calculate and pay the portion of his income that should be given to the poor in line with the guidelines provided. It is important to highlight, however, that Zakat amounts have been specified, and as such, it is not up to the individual to decide how much he or she is willing to give.

Zakat is payable on five types of material wealth:

  • Personal wealth and assets
  • Liquid and exploited assets
  • Agricultural produce
  • Livestock and business commodities
  • Treasure i.e. gold, silver etc.

Also, there are three major conditions for Zakat on these types of wealth:

Sole, exclusive ownership

Growth (actual or potential)

Passage of a zakat-year

In aggregating your assets for the purpose of Zakat, your assets may fall into any of the following categories:

Liquid Assets – are goods that can be easily sold, usually for a profit. They are ‘Zakatable’ only once in the Zakat-year and fit all the other conditions of Zakat or any other ‘Zakatable’ wealth.

Non-liquid Assets – Also called “exploited assets”, non-liquid assets are considered a form of business wealth. While liquid assets may be sold, non-liquid assets remain with the owner often as permanent capital. They are possessions obtained for the purpose of generating income and to benefit their owner.

Exploited assets include anything rented out for profit, such as residential buildings, equipment or means of transportation. They also include producer animals such as sheep for wool, cows for milk, or bees for honey. These (non-liquid assets) are Zakatable.

It is important to highlight that assets owned and used for personal use or for meeting basic living expenses are not ‘Zakatable’. This simply means that your home and personal car are excluded for the purpose of Zakat. However, if you own other properties that are being used for investment purposes and you have the intention of keeping it, the profit earned from such ventures are generally subject to Zakat.

Next week, we will go into the details of how Zakat fits into your wealth transfer plan and the Islamic guidelines that relate to Zakat and Estate Planning. Should you require advice on this

or any other subject related to your legacy, please call, text or send a WatsApp message to 0805 4000 299. You may also send an email to fbnt@fbnquest.com. Connect with us on Twitter – @fbnquest, on Facebook or LinkedIn at fbnquest.

Also tune in to the Legacy Series radio show on Classic 97.3 FM Lagos by 7pm on Mondays or Cool 96.9FM Abuja by 8.30am on Tuesdays for more insights on Trusts, Wills, Executorship and Estate Administration.

Visit www.fbnquest.com/legacyseries for more information.

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TECHNOLOGY

Site De Rencontre Mektoub Gratuit

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Au compositeurs du auteur, et du fil finalement assez, rencontre ado – https://www.paparencontres.fr/rencontre-ado/ – le alcantara peut son jeune. Pour finir, l’on ne saurait oublier la simplicité d’utilisation de ce site, ainsi que son interface intuitive et interactive. Alors qu’habituellement, rencontre gratuite rimait avec arnaque, grâce à ce site, rencontre sexe (https://www.paparencontres.fr/la-rencontre-sexe-fonctionne-t-elle-vraiment/) l’on peut avoir droit à une véritable dream rencontre gratuit. Le site vous donne la possibilité de faire une dream rencontre gratuite ou d’opter pour une solution payante. Gleeden donne assez aux glabrezu souhaitant expérimenter leur chevauchées d vouloir leur aiguilles d profession ou de frondaison boisées. Très vite, cela donnera lieu à des entrevues coquines que vous n’aurez de cesse de vouloir renouveler.

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ECONOMY

Generator Buying Guide

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Are you to purchase an electric power generator?are you pondering on which brand of generator to purchase? Would you like to realize what specificatioon to think about when purchasing convenient electric power generators for your home, little, average sized, and huge business? On the off chance that your response to any of the above inquiries is indeed, at that point welcome, you are at the correct site. Concentrate will be on versatile power generators utilized in homes and private companies just as mechanical evaluation generators.

Generator Size

Before you purchase a generator, you should know how much power you need so as to helpfully run your home or office apparatuses. You can discover how much power you need by taking note of the significant machines you use. For example, do you have to control a siphoning machine, printer, cooling units, iron, cooker? The more apparatuses required, the greater the power-producing set you’ll require.

 

Fuel Type

The most widely recognized fuel types for emergency backup frameworks are gaseous petrol, propane, and diesel. While gas may appear to be helpful, it’s regularly seen as a poor fuel decision for backup frameworks because of its generally short existence of steadiness. Cost can be a factor when picking between a diesel or flammable gas generator (or propane) since the cost distinction can fluctuate contingent upon the size of the generator. The accessibility of the fuel source is another significant factor. Diesel and propane give an ‘on location’ fuel source however may require a re-fill during an all-inclusive power blackout, where petroleum gas is pulled from the neighborhood utility. Nearby code prerequisites may direct which fuel types are accessible to your territory; for instance propane may not be an alternative inside city restricts in certain areas. Likewise, the sort of office can now and again direct if an on location fuel source is required.

 

Equipment Installation:

The general answer is an authorized circuit repairman and may likewise require an authorized handyman, however the decision is regularly up to the purchaser. The key is to pick a respectable organization with a past filled with introducing reserve generator frameworks. A few purchasers may have an organization at the top of the priority list when choosing to buy a generator while others may profit by a referral.

 

Purchase Channel (broker vs. dealer/distributor)

While anybody on the road can put a generator available to be purchased in the classifieds, on eBay, etc, that is unmistakably not a perfect circumstance for a purchaser. Modern diesel generators are unpredictable, finely tuned bits of apparatus that unmistakably should be appropriately kept up and tried by affirmed professionals with the goal for them to work at ideal effectiveness and be there when you need them most. They aren’t called crisis backup generators to no end! Also, since most generators accompany a significant sticker price, even more motivation to ensure you have experts and an association you can trust. You can check here to purchase quality generators

 

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ENERGY

Top Generators to Buy in Nigeria (Gasoline/Petrol Generators)

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These are the most prevalent sorts of generators. Fuel for this sort of generators is promptly accessible.

 

They produce increasingly hurtful emanations. Go for these in case you’re OK with commotion. On the in addition to side however – they’re more affordable and spending plan benevolent. They’re additionally compact and fit for those with exceptionally low power needs.

 

Tiger Manual Gasoline Generator

The Tiger Manual Gasoline Generator is one of the most prominent generators in Nigeria since it fits the power needs and spending plans of generally homes. It is generally modest and can control the fundamentals – fan, DVD player, PC, TV, decoder and comparative contraptions. It isn’t perfect for use with your iron or icebox.

 

Prons

 

  • It’s Portable

 

  • Perfect for little homes

 

Cons

 

  • Makes a ton of commotion following a couple of years
  • Not perfect for overwhelming machines like the iron
  • Overwhelming discharge of vapor

 

Mantrac

Mantrac Generators are powered by CAT engines, which carry the same technology, performance, and legendary durability of all Caterpillar machines.

 

Pros

 

  • High Performance with Lower Fuel Consumption
  • Reliable, High and Low, Heat and Cold
  • Cheap Maintenance
  • Boost Efficiency and Boost Productivity with Integrated Cat Connect

 

Cons

 

  • It massive and occupies room
  • It requires visit upkeep from prepared professionals

See Price Here : Mantrac generators

 

Lutian 8.1KVA Diesel Generator with Remote Control

This generator is best for you in the event that you have a powerful necessity. It gives a normal power supply yield of 8.1KVA. It accompanies a low oil ready framework and makes next to no clamor.

 

Pros

 

  • Low oil ready framework
  • Perfect for those with high control utilization

 

Cons

 

  • It’s costly
  • Requires huge space
  • Requires normal upkeep

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