"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 Copyright 2003-2004 Central-Mosque.com All rights reserved. Comments and suggestions to webmaster@central-mosque.com COPYRIGHT 2008-10-10 11AM GMT MR MEHMOOD SULEMAN AL-MEMANI samfabrics@hotmail.com This idea is worth a 1 trillion pounds per year in gold OR 1% OF THE WORLDS ECONOMY whichever is higher as royalty payable by each banking zone created

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