Respected Mufti
As Salaam u alaikum wr wb
I have questions relating to the Zakaat calculation with regards to a business.
Our company is on an upward growth path, hence the requirements for finance capital and working cash flow is limited.
Capital assets are all financed by our local Banks via Islamic Vehicle and Asset Finance, Ijaarah lease and murabaha finance agreement.
1. For zakaat calculation, is the asset that is financed(vehicle or plant equipment) be match to the liablities (finance lease obligation ie loan). Therefore no zakaat implication.
2. Do we take only the (finance lease obligation ie loan) as a liability in our zakaat calculation as assets will be excluded.
3. Do we take the full liability obligation to end of the term.
Please reply by email: hmhseedat@telkomsa.net
Was Salaam.
