"UNIVERSAL BAIT-UL-MAAL" and "UNIVERSAL CURRENCY 'UC' " and "UNIVERSAL CURRENCY ACCOUNT"are my registered trade marks which will be the basis of my idea and model of islamic banking and taxation. THE CONCEPT WILL BE RUN AS A CHARITY ORGANIZATION on Laylat al-Qadr go to the website http://www.central-mosque.com/fiqh/zcalc.htm to calculate ZAKAT (Social Security)THE DATE USED FOR ZAKAT (TAX) CALCULATION OF 2.5% UNDER THE "UC" IN THE "AL-MEMANI WORLD BANKING WINDOW" ALL "UC" ACCOUNTS AT THIS DATE WILL CALCULATE THE WEALTH ACCUMULATED IN THE WHOLE YEAR LESS THE MINIMUM ALLOWED TAX FREE The amount of wealth which makes one liable for Zakãt is called Nisãb.Nisãb of gold is 87.48g and silver 612.36g.
THE "UC" ACCOUNT WILL HAVE DETAILS OF PERSONAL,BUSINESS,PROPERTY,SAVING,PORTFOLIO,STOCKS,SHARES,GOLD,SILVER, COMMODITY, ETC ETC ALL IN ONE PLACE TO MAKE IT EASY TO CALCULATE THE ZAKAT (TAX) PAYABLE TO THE BAIT-UL- MAAL (UNIVERSAL BANK ie world bank in the new world order)
Note: Regional customs or moon sightings may cause a variation of the date for Islamic holidays, which begin at sundown the day before the date specified for the holiday. The Islamic calendar is lunar and the days begin at sunset, so there may be one-day error depending on when the New Moon is first seen.:
DATE FOR CALCULATION IS 27TH RAMADHAN OF EACH YEAR TO ALLOW TAX PAYER TO GIVE ZAKAT TO FAMILY AND FRIENDS OF CHOICE IN THE MONTH OF RAMADHAN THUS RECEIVING REWARD FROM ALLAH SWT AND REDUCING TAX LIABILITY PAYABLE AND RECLAIMING OF TAX ALREADY PAID AS ZAKAT.
Mon Jan 3 2000
Sat Dec 23 2000
Wed Dec 12 2001
Sun Dec 1 2002
Fri Nov 21 2003
Wed Nov 10 2004
Sun Oct 30 2005
Thu Oct 19 2006
Mon Oct 8 2007
Sat Sep 27 2008
Wed Sep 16 2009
Sun Sep 5 2010
Fri Aug 26 2011
Tue Aug 14 2012
Sat Aug 3 2013
Thu Jul 24 2014
Mon Jul 13 2015
Sat Jul 2 2016
Wed Jun 21 2017
Sun Jun 10 2018
Fri May 31 2019
Tue May 19 2020
Sat May 8 2021
Thu Apr 28 2022
Mon Apr 17 2023
Fri Apr 5 2024
Wed Mar 26 2025
Sun Mar 15 2026
Fri Mar 5 2027
Tue Feb 22 2028
Sat Feb 10 2029
Thu Jan 31 2030
Mon Jan 20 2031
Fri Jan 9 2032
Wed Dec 29 2032
Sun Dec 18 2033
Thu Dec 7 2034
Tue Nov 27 2035
Sat Nov 15 2036
Thu Nov 5 2037
Mon Oct 25 2038
Fri Oct 14 2039
Wed Oct 3 2040
Sun Sep 22 2041
Thu Sep 11 2042
Tue Sep 1 2043
Sat Aug 20 2044
Thu Aug 10 2045
Mon Jul 30 2046
Fri Jul 19 2047
Wed Jul 8 2048
Sun Jun 27 2049
Establish Salãh and pay Zakãt, and bow your heads with those who bow (in worship).” (Surah Baqarah).
DEFINITION OF ZAKÃT:
Literally it means to increase. In the Shar’iah it means to purify one’s possession by distributing 2½ % which has to be distributed to the poor. It is not a tax but an Ibãdat.
NISÃB:
The amount of wealth which makes one liable for Zakãt is called Nisãb.
Nisãb of gold is 87.48g and
silver 612.36g.
RATE OF ZAKÃT:
The rate of Zakãt is 2½ %.
CONDITIONS FOR ZAKÃT TO BECOME FARDH:
• To be a Muslim;
• Matured (not on minors nor on the guardians of such belongings of minors);
• To be sane;
• To be free (i.e. not a slave);
• Wealth owned by one to the value of nisãb and to be in one’s possession for one lunar year (i.e. at the beginning and end of the year to have nisãb although in the interim it may decrease);
• Such wealth must be Zakãtable e.g. gold, money etc.
PRE-REQUISITES FOR ZAKÃT TO BE CORRECT:
• At the time of giving Zakãt, Niyyah (intention) should be made or at the time of giving it to an agent for distribution;
• If the agent does not make the intention, but the owner has, then this will suffice;
• The poor person receiving the Zakãt should be made the owner and recipient, meaning that he should have full control over it physically;
• Zakãt can only be given to Muslims
CATEGORIES OF ZAKÃTABLE ITEMS:
• Gold and silver;
• Merchandise (i.e. items for resale);
• Animals (e.g. stock farming);
• Agricultural farming (e.g. orchards, fruit farms etc.) also known as Ushr.
• Debtors, trade debts are treated as cash for the purpose of Zakãt.
ZAKÃT IS NOT FARDH ON:
• Other metals besides gold and silver or imitation jewellery;
• Fixtures and fittings of a shop, motor car, truck etc. which is used for the running of a business;
• Diamonds, pearls, other precious or semi-precious stones which are for personal use;
• Living quarters, household, furniture, crockery, personal clothing;
• Books of a scholar or tools of a tradesman etc.
WHO MAY RECEIVE ZAKÃT:
• Fuqarã – The poor and those who own property in excess of basic necessities but below the value of nisãb;
• Masãkeen – The destitute and extremely poor;
• Al-Ãmileen – Persons appointed by an Islãmic head of state to collect Zakãt, who are paid from the Baitul Mãl (public treasury) even though they may not be needy;
• Mu’allafatul Quloob – Those poor and needy persons who are given Zakãt with the express intention of solidifying their hearts;
• Ar-Riqãb – Slaves who use this money for their freedom;
• Al-Ghãrimeen – One in debt;
• Fi-Sabeelillah – One in the path of Allah and is now in financial difficulty;
• Ibnus-Sabeel – A traveller who, whilst wealthy at his residence, is stranded and in need of financial assistance.
ZAKÃT WIL NOT BE GIVEN TO:
• Zakãt may not be given to non Muslims;
• A wealthy person (i.e. one who possesses wealth equal to or more than nisãb);
• It is not payable to the family of Rasulullah (Sallallahu Alaihi Wasallam) i.e. the Banu Hashim, and the slaves freed by the Banu Hashim;
• It cannot be given to ones parents, grandfather, children, grandchildren, spouse (ones husband or wife). (One may give Zakãt to brother, sister, nephew, niece, uncle, aunts, parents in law, provided they are not liable to give Zakãt).
• One may not pay the debts of a deceased nor buy a Kafn and pay the burial expenses with Zakãt.
• you can use the following website calculator for an example of what zakat will be due from you as tax or interest payment for your main home by the bait-ul-maal as housing benefit and a fixed amount of tax credit for your living costs less your income. all business profits will be taxed at 2.5 % with a minimum allowance for small businesses which will be used for the development of the world's public utilities eg roads,railways,airports,council services etc etc
• under the system your personal house which is free from debt will not be used to calculate the payment of zakat and any second homes will be counted as cash assets to eliminate fradulent claims of interest(housing benefit) for housing costs and tax credits (social security)for living expenses which can be fixed to certain amount less your income. no gifting of any kind of asset to take place until the person receiving it is an adult (not a minor)
• under the system your personal house which is not free from debt will be used to calculate the payment of interest(housing benefit)to help with housing costs and tax credit (social security) to help with living expenses which can be fixed to certain amount less your income.
Go to http://www.central-mosque.com/fiqh/zcalc.htm
for
Online Zakaat Calculator from I.T.A Publications
STOP BEFORE PROCEEDING READ DETAILS ABOUT ZAKAT FIRST BY
CHECKING ON THE WEBSITE
http://www.central-mosque.com/fiqh/zaknut.htm
This calculator will show the ZAKAAT that is due on you. It should work with any currency i.e."UC" UNIVERSAL CURRENCY, Dollars, Pounds, Rupees etc. But please be consistent and use the same currency throughout!
You Need to know the current Market price of Gold and/or Silver. Since these prices change often therefore we are unable to provide them for you. Please contact your local Jeweller. (IN THE FUTURE YOUR "UC" ACCOUNT WILL HAVE ALL DETAILS OF THE AMOUNT HELD BY EACH INDIVIDUAL WHEN YOU FIRST APPLY FOR YOUR "UC" ACCOUNT TO START WITH. AS ALL GOLD AND SILVER TRANSACTIONS WILL BE HELD AT THE BAIT-UL-MAAL ANY NEW PURCHASES WILL BE RECORDED BY THE PERSON SELLING/GIFTING IT) To obtain the value of your Gold or Silver Assets simply multiply the cash value by the weight.
You can also check the Gold and Silver Prices on the Internet by visiting http://www.kitco.com/gold.live.html
Please note that GOLD and SILVER prices are sometimes given in OUNCES and not GRAMS, to convert the prices into GRAMS simply divide the PRICE/OUNCE by 28.35! Check FIRST and then enter the price per gram.
NOTE: You will be shown how the Calculations are done so you can do it Yourself (if you like)
WARNING: You Must Follow the Procedure in the same manner as presented, don't skip steps! If you have no value to enter then leave the default "0.00".
THE FORM BELOW IS JUST AN EXAMPLE OF THE ZAKAT (TAX) PAYABLE UNDER THE "UC" IT WILL BE DIFFERENT FOR EVERONE ELSE DUE TO THEIR CIRCUMSTACES
EXAMPLE ONE FOR SOME ONE WITH A LOAN OUTSTANDING
Calculate Zakaat
ENTER THE VALUE OF YOUR FIRST PROPERTY(THIS FIGURE WILL NOT BE USED IN THE CALCULATION AS ZAKAT IS NOT DUE ON IT BUT CAN BE USED FOR INHERITANCE PURPOSES) 500000
Enter your Cash Assets (i.e. Cash Kept at Bank, home, etc.): 1000
Enter your Gold Assets (Please enter the value and Not the weight): 5000
Enter your Silver Assets (Please enter the value and Not the weight): 200
Enter Credits (Money owed to you): 10000
Enter Rental Income earned by you (If any): 20000
Enter the value of Shares/Stocks/Bonds at current Market prices: 1000
Enter the value of Dividends received this year: 500
Enter the Value of Business Stock (at hand paid for) at current Market prices: 20000
Enter the Value of Business Stock (in transit paid for) at current Market prices: 1000
Enter any other income (e.g. Provident Funds etc.): 2000
All Numbers will be added up to give you total Assets
ENTER THE VALUE OF SECOND HOMES AND OTHER PROPERTIES AND ALSO INCLUDE ANY INHERITED PROPERTIES APART FROM YOUR MAIN RESIDENCE 0
Your Total Assets: 60700
Enter Loans (Money you owe to others): 400000
Your Loans are subtracted from Your Total Assets to give your Net Balance
This is Your Net Balance: -339300
Enter the Current Price of Gold (per Gram, Not per Ounce): 15.97
This value is multiplied by 87.48 (Grams) to give you Gold Nisaab
Enter the Current Price of Silver (per Gram, Not per Ounce): 0.1947089
This value is multiplied by 612.36(Grams) to give you Silver Nisaab
Nisaab for Gold: 1397.05560000000000
Nisaab for Silver: 119.231942003999
If your Net Balance is equal to or greater then either the Nisaab for Gold or Silver and you had this for 1 LUNAR YEAR (12 months, e.g. from LAST RAMADHAN to THIS RAMADHAN) then Zakaat is due. Zakat is ONLY due on the amount that you have had for a year!
ANY NEGATIVE FIGURE FOR THE ZAKAT MEANS THAT UNDER THE "UC" YOU WILL RECEIVE A TAX CREDIT(REFUND)
PLEASE BEAR IN MIND THAT THERE IS A HUGE DIFFERENCE BETWEEN THE GOLD & SILVER NISAAB WITH SILVER NISAAB BEING MUCH MUCH LOWER! ZAKAAT IS DUE IF YOU EXCEED THE LOWEST ONE OF EITHER OF THE TWO!
If there is No Zakaat due, you can Exit the Procedure at this Point.
Amount of Zakaat you Pay -8482.5
If Zakaat is due on you then Multiply the Total Assets by 0.025
WARNING: You Must Follow the Procedure in the same manner as presented, don't skip steps! If you have no value to enter then leave the default "0.00".
EXAMPLE FOR SOME ONE WITH NO LOANS OUTSTANDING
Calculate Zakaat
ENTER THE VALUE OF YOUR FIRST PROPERTY(THIS FIGURE WILL NOT BE USED IN THE CALCULATION AS ZAKAT IS NOT DUE ON IT BUT CAN BE USED FOR INHERITANCE PURPOSES) 500000
Enter your Cash Assets (i.e. Cash Kept at Bank, home, etc.): 1000
Enter your Gold Assets (Please enter the value and Not the weight): 5000
Enter your Silver Assets (Please enter the value and Not the weight): 200
Enter Credits (Money owed to you): 10000
Enter Rental Income earned by you (If any): 20000
Enter the value of Shares/Stocks/Bonds at current Market prices: 1000
Enter the value of Dividends received this year: 500
Enter the Value of Business Stock (at hand paid for) at current Market prices: 20000
Enter the Value of Business Stock (in transit paid for) at current Market prices: 1000
Enter any other income (e.g. Provident Funds etc.): 2000
All Numbers will be added up to give you total Assets
ENTER THE VALUE OF SECOND HOMES AND OTHER PROPERTIES AND ALSO INCLUDE ANY INHERITED PROPERTIES APART FROM YOUR MAIN RESIDENCE 0
Your Total Assets: 60700
Enter Loans (Money you owe to others): 0
Your Loans are subtracted from Your Total Assets to give your Net Balance
This is Your Net Balance: 60700
Enter the Current Price of Gold (per Gram, Not per Ounce): 15.97
This value is multiplied by 87.48 (Grams) to give you Gold Nisaab
Enter the Current Price of Silver (per Gram, Not per Ounce): 0.1947089
This value is multiplied by 612.36(Grams) to give you Silver Nisaab
Nisaab for Gold: 1397.05560000000000
Nisaab for Silver: 119.231942003999999
If your Net Balance is equal to or greater then either the Nisaab for Gold or Silver and you had this for 1 LUNAR YEAR (12 months, e.g. from LAST RAMADHAN to THIS RAMADHAN) then Zakaat is due. Zakat is ONLY due on the amount that you have had for a year!
PLEASE BEAR IN MIND THAT THERE IS A HUGE DIFFERENCE BETWEEN THE GOLD & SILVER NISAAB WITH SILVER NISAAB BEING MUCH MUCH LOWER! ZAKAAT IS DUE IF YOU EXCEED THE LOWEST ONE OF EITHER OF THE TWO!
If there is No Zakaat due, you can Exit the Procedure at this Point.
Amount of Zakaat you Pay 1517.5
If Zakaat is due on you then Multiply the Total Assets by 0.025
EXAMPLE FOR SOME ONE WITH RENTAL PROPERTIES/INVESTMENTS AND NO LOANS OUTSTANDING
Calculate Zakaat
ENTER THE VALUE OF YOUR FIRST PROPERTY(THIS FIGURE WILL NOT BE USED IN THE CALCULATION AS ZAKAT IS NOT DUE ON IT BUT CAN BE USED FOR INHERITANCE PURPOSES) 500000
Enter your Cash Assets (i.e. Cash Kept at Bank, home, etc.): 1000
Enter your Gold Assets (Please enter the value and Not the weight): 5000
Enter your Silver Assets (Please enter the value and Not the weight): 200
Enter Credits (Money owed to you): 10000
Enter Rental Income earned by you (If any): 20000
Enter the value of Shares/Stocks/Bonds at current Market prices: 1000
Enter the value of Dividends received this year: 500
Enter the Value of Business Stock (at hand paid for) at current Market prices: 20000
Enter the Value of Business Stock (in transit paid for) at current Market prices: 1000
Enter any other income (e.g. Provident Funds etc.): 2000
All Numbers will be added up to give you total Assets
ENTER THE VALUE OF SECOND HOMES AND OTHER PROPERTIES AND ALSO INCLUDE ANY INHERITED PROPERTIES APART FROM YOUR MAIN RESIDENCE 1000000
Your Total Assets: 1060700
Enter Loans (Money you owe to others): 0
Your Loans are subtracted from Your Total Assets to give your Net Balance
This is Your Net Balance: 1060700
Enter the Current Price of Gold (per Gram, Not per Ounce): 15.97
This value is multiplied by 87.48 (Grams) to give you Gold Nisaab
Enter the Current Price of Silver (per Gram, Not per Ounce): 0.1947089
This value is multiplied by 612.36(Grams) to give you Silver Nisaab
Nisaab for Gold: 1397.05560000000000
Nisaab for Silver: 119.231942003999999
If your Net Balance is equal to or greater then either the Nisaab for Gold or Silver and you had this for 1 LUNAR YEAR (12 months, e.g. from LAST RAMADHAN to THIS RAMADHAN) then Zakaat is due. Zakat is ONLY due on the amount that you have had for a year!
PLEASE BEAR IN MIND THAT THERE IS A HUGE DIFFERENCE BETWEEN THE GOLD & SILVER NISAAB WITH SILVER NISAAB BEING MUCH MUCH LOWER! ZAKAAT IS DUE IF YOU EXCEED THE LOWEST ONE OF EITHER OF THE TWO!
If there is No Zakaat due, you can Exit the Procedure at this Point.
Amount of Zakaat you Pay 26517.5
If Zakaat is due on you then Multiply the Total Assets by 0.025
EXAMPLE FOR SOME ONE WITH RENTAL PROPERTIES/INVESTMENTS AND LOANS OUTSTANDING
Calculate Zakaat
ENTER THE VALUE OF YOUR FIRST PROPERTY(THIS FIGURE WILL NOT BE USED IN THE CALCULATION AS ZAKAT IS NOT DUE ON IT BUT CAN BE USED FOR INHERITANCE PURPOSES) 500000
Enter your Cash Assets (i.e. Cash Kept at Bank, home, etc.): 1000
Enter your Gold Assets (Please enter the value and Not the weight): 5000
Enter your Silver Assets (Please enter the value and Not the weight): 200
Enter Credits (Money owed to you): 10000
Enter Rental Income earned by you (If any): 20000
Enter the value of Shares/Stocks/Bonds at current Market prices: 1000
Enter the value of Dividends received this year: 500
Enter the Value of Business Stock (at hand paid for) at current Market prices: 20000
Enter the Value of Business Stock (in transit paid for) at current Market prices: 1000
Enter any other income (e.g. Provident Funds etc.): 2000
All Numbers will be added up to give you total Assets
ENTER THE VALUE OF SECOND HOMES AND OTHER PROPERTIES AND ALSO INCLUDE ANY INHERITED PROPERTIES APART FROM YOUR MAIN RESIDENCE 1000000
Your Total Assets: 1060700
Enter Loans (Money you owe to others): 800000
Your Loans are subtracted from Your Total Assets to give your Net Balance
This is Your Net Balance: 260700
Enter the Current Price of Gold (per Gram, Not per Ounce): 15.97
This value is multiplied by 87.48 (Grams) to give you Gold Nisaab
Enter the Current Price of Silver (per Gram, Not per Ounce): 0.1947089
This value is multiplied by 612.36(Grams) to give you Silver Nisaab
Nisaab for Gold: 1397.05560000000000
Nisaab for Silver: 119.231942003999999
If your Net Balance is equal to or greater then either the Nisaab for Gold or Silver and you had this for 1 LUNAR YEAR (12 months, e.g. from LAST RAMADHAN to THIS RAMADHAN) then Zakaat is due. Zakat is ONLY due on the amount that you have had for a year!
PLEASE BEAR IN MIND THAT THERE IS A HUGE DIFFERENCE BETWEEN THE GOLD & SILVER NISAAB WITH SILVER NISAAB BEING MUCH MUCH LOWER! ZAKAAT IS DUE IF YOU EXCEED THE LOWEST ONE OF EITHER OF THE TWO!
If there is No Zakaat due, you can Exit the Procedure at this Point.
Amount of Zakaat you Pay 6517.5
If Zakaat is due on you then Multiply the Total Assets by 0.025
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