if the capital is not more than his annual expenditure, then he can use that capital to trade with, and there is no khums on it. But, as mentioned in No. The new ruling applies to all such loans, whether it is a small loan or a large one; and whether the loan is to be repaid in full by a particular date or in monthly or yearly instalments. This can be done by personal contact with the mujtahid or by corresponding with him or his authorized representative. However, it is precautionarily better not to deduct the compensation for the loss of one section of the trade from the profit of another before paying the khums. Khums is not wajib on a non-baligh child (boys become baligh at completion of fifteen lunar years and girls at completion of nine lunar years) or an insane person. The consideration of the "year" in khums is because in most cases the surplus of the income becomes clear at the end of the year. Then he may every year count the surplus of his income on that day and pay khums. (Someone buys a commodity for business, then its market value increases during the year and he does not sell it due to negligence or in anticipation of further increase in its price, then by the end of the year its price again decreases to the same value -- then there is no khums on previously increased value. However, the non-mandatory "retirement saving plan" is just like life insurance -- you have to pay khums on the money that you set aside that year for your retirement saving plan. Khums is obligatory on every money or wealth or kind which you own more than your expenses. If your income exceeds the annual expenses of yourself and your family, Khums (20%) should be paid from the excess. We currently live in a house on rent. Rabi-Ul-Awwal 1442, Upcoming and published books Depreciation in or loss of a commodity: vi. When To Pay Khums Khums becomes wajib at the beginning of the new financial year on the profit or surplus of the past year's income. However, if one sells it to a Shi`ah before paying khums, the transaction will be valid and the seller will have to pay the khums from the price of that item. The new ruling allows a person to have khums-free surplus income for at least some years. The date of your khums payments can be based on either the Islamic calendar or the Gregorian one. In Islam, "dowry" is not something which a woman owns at the time of divorce or at the time of her husband's death; it is her right which she owns immediately after marriage has been consummated. Increase in market value of a khums-free commodity: iv. You will need to follow the instructions in that message in order to gain full access to the site. The person would be able to deduct the remaining amount (£4,000) from the net income of the following year and every subsequent year as long as his cumulative surplus income did not reach the amount of the outstanding loan balance. Then pay khums from the surplus of his remaining income. Here, no khums is payable that year, but the remaining amount (£4,000) cannot be deducted from the net income of the following year. It is treated differently in Shia and Sunni Islam. If the loss is in an item which is neither for trade nor for household consumption, then you cannot provide compensation from your income before paying khums. If such a person is not in need of the capital, then he can use that amount to expand his already-existing business or to earn extra income only after paying khums from the entire amount. The same applies to other long-term savings for expenses in the future, such as saving for a first residential home, provided the condition mentioned above is fulfilled. Do I now have to pay Khums immediately on the repaid amount or at the end of the current Khums year on whatever remains from it? Do I have to pay Khums on that amount? In Islam, khums (Arabic: خُمْس‎ Arabic pronunciation: [xums], literally 'one fifth') refers to the required religious obligation of any Muslims to pay one-fifth of their acquired wealth from certain sources toward specified causes. The amount of khums one must pay on surplus income is 20%. For example, Ahmad's annual expenditure is $ 10,000. Am I allowed to give money with the intention of Khums even if I have no savings. He can only deduct the price of the food which had been consumed in the year which ended on 30th June. For example, if a person takes out a 25-year mortgage of £250,000 to buy a house for his residence, then: If a person takes out a 25-year mortgage of £250,000 to buy a house for his residence that costs £300,000, then the deposit/down-payment of £50,000 will be a deductible expense. The other half is given to sayyids (descendants of the great grandfather of the Prophet (s)) who are poor, orphans, or stranded travellers. Rather, you have a choice of either paying khums when you receive an income, or postponing it until the end of the khums­­ year having deducted all allowable expenses for that year from your income; you would then pay khums on the remaining amount, i.e. In this case, he has to pay khums on $ 60,000 which was definitely from the savings of the previous years. a mortgage – then he can deduct the amount of the outstanding loan at the end of each khums year from that year’s surplus income until the cumulative surplus income reaches the amount of the outstanding loan balance. The loan is taken to cover expenses for running a business, as long as a) there are no assets or cash available to cover those expenses instead of having to take a loan; and b) the expenses in question are reasonable for the type of business in question. (Most leading mujtahids have their authorized representatives in major parts of the Shi`ah world.). Yes it is permissible to pay Khums before your Khums date, then you take the date of payment as a new date for your next year Khums. Click here to watch Day 30. By "legacy" we mean anything bequeathed to a person in the will of a friend or of someone not related to him. For example, from 1960 to 1965, a person annually earned $ 20,000. On that day he realizes that he still has, for example, 10 k.g. for attaining proximity to Allah (qurbatan ilallah). Yes, khums is payable on all savings. Khums is liable on … The expenditure which is to be deducted from the income is of two types: household expenses, and commercial expenditure. If you invest a large sum in such plans and thus find yourself without enough liquid asset to pay khums, then you should work out an installment plan to pay khums in a few months time. When you received it back, you must pay its Khums immediately. This covers every expenditure in the way of business: wages or salaries of the employees, rent, insurance premiums, taxes demanded by government, purchasing machines and the expenditure of their maintenance, etc. If the gift was not used for one year, then Khums will be obligatory on its current value. If there is a decrease in the capital, one is permitted to make it up by deducting that amount from the profit of that year before paying khums. In the latter case, first one has to pay khums from the surplus of the income and then pay such debts from the remaining 80%. The loan must be for an expense that is deductible and allowable under the laws of khums, as mentioned previously (under the heading ‘What kind of expenses are deductible from my income?’). Shar'ee) duty if you have no savings, © Ahlul Bayt Digital Islamic Library Project 1995-2020. , Shaykh Dr Zaid Alsalami is an Iraqi born scholar, raised in Australia. It is obvious that this house was not bought from the income of a single year.

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