Bank Name: Bank of India (Hotgi Rd Solapur Branch)
A/C. Name: Jamia Islamiyah Umar Farooq
A/C. No.
071010110002640 LEASE USE THE FOLLOWING A/C ONLY TO DEPOSIT THE FOREIGN CONTRIBUTION
Bank details:- | | A/C NAME: JAMIYA ISLAMIYA UMAR FAROOQ CHARITABLE TRUST SOLAPUR A/C No: 35227204849 BANK NAME: State Bank of India JULE SOLAPUR BRANCH SOLAPUR MAHARASHTRA Solapur(Dist) Maharashtra – 413003 Bank Code:12485 Swift/IFC Code: SBIN0012485 |
Note: We have 80G certificate from income tax department therefore all the donations offered to us are exempted from taxation under the Law of Income Tax 80G. To avail yourself of this, please show your acknowledgment receipt of donation to the concerned authority
80G Registration No.: PN/CIT-IV/Tech/80G/42/2008-9 of Income Tax Act 80G-PN/CIT-IV/Tech/80G/42/2008-9
Zakat
Take a charity from their wealth in order to purify and sanctify them – Quran
?What is Zakat
Zakat generally is defined as the portion of a one’s wealth, which is designated for the poor
Zakat is derived from the Arabic root “Zaka” which means “to grow”, “to purify”, and to bless
Accordingly, the act of giving zakat means purifying one’s wealth to gain God’s blessing in order to grow in righteousness
Zakat is calculated as 2.5% of one’s valuables and savings held for a full lunar year if their total value is more than a basic minimum known as Nisaab
Zakat is also applicable in a varying rates on livestock, agricultural produce and mining
Note:
Intention (Niyyah):
Zakat is a religious duty and an act of obedience to God; it must be given with a clear intention (Niyyah) that the payment being made is the Zakat, in order for the obligation to be properly fulfilled
Time of paying Zakat:
Time of paying Zakat Zakat must be paid on the day that its due (at the end of the lunar year ) or before it. Failing to pay one’s Zakat as it is due is considered a refusal to submit to the wishes of God
?How to Calculate your Zakat of money
The Nisaab is 85 grams of gold which is currently equivalent to $1150, or the comparable amount in any other currency
The broad categories of zakatable assets are listed in the table below as well as a space for the entry of any liabilities
A. To calculate your Zakatable Total add the values of the zakatable assets you own, then subtract the values of your immediate debts (overdraft, credit card, etc., but not mortgage)
B. If your Zakatable Total is equal to or exceeds the value of Nisaab, and is held for a full lunar year, then you must pay Zakat
C. Zakat Amount is 2.5% of Zakatable Total
Calculating Zakat |
Value | Assets and Liabilities |
| Cash at home |
| Balance held in bank accounts |
| Resale value of shares |
| Merchandise stock in trade |
| Gold and silver (current value) |
| Value of (or equity in) property held as investment |
| Total of Zakatable assets |
| Deduct liabilities (debts etc) |
| Zakatable Total |
| Zakat Amount |