Adults pathway · Level 2 · Course 4 · Islamic studies

Zakat and finance in Islam

For adults: the meaning and rules of zakat (conditions, nisab, hawl), how to calculate it on gold, savings, shares, business, RRSPs and TFSAs, with examples in Canadian dollars; the eight recipients, zakat al-fitr, sadaqa and waqf; then riba, lawful earning, debts, and the financial questions of life in Canada, presented without taking sides and with referral to the imam.

All courses

4 units15 lessons~475 min total

Course outline

Unit 1

Understanding zakat

1
1. The meaning and status of zakatWhat "zakaat" means, its place among the pillars, its proofs in the Qur'an and the Sunna, the gravity of refusing it, and what it changes in the heart, the family and society.
30 min
2
2. Who must pay: the conditions, the nisab and the hawlThe conditions of zakaat: Islam, full ownership, nisab and the lunar year (hawl). The figures of 85 g of gold and 595 g of silver and where they come from, the choice between gold and silver, children's assets, and how to choose one's "zakaat date".
35 min
3
3. Gold, silver and jewelleryThe zakaat of gold and silver, the verse on hoarding (9:34-35), how to count 18- or 22-carat gold, and the major difference of opinion on worn jewellery, with a worked example in Canadian dollars.
30 min

Unit 2

Assets subject to zakat

1
1. Cash, savings, shares and debtsBank accounts, cash, money lent, shares and funds, cryptocurrencies: what goes into the calculation. Then debts: which ones are deducted, according to which positions. With examples in Canadian dollars.
35 min
2
2. Business, rents and real estateThe zakaat of merchandise (a shop's stock, a dealer's cars, goods bought for resale), how to value the stock, what does not count (premises, equipment), and real estate: home, rented property, land bought for resale.
30 min
3
3. RRSP, TFSA, RESP and pension plansAccounts specific to Canada: RRSP and RRIF, TFSA, RESP, employer pension plans, CPP and QPP. The main contemporary positions, presented without deciding, with a worked example, and the questions to ask the imam.
30 min
4
4. Crops, livestock and other assets (overview)An overview of the zakaat of crops (10% or 5%), of herds (camels, cattle, sheep and goats), of honey, minerals and treasure: their main rules, and what concerns a farmer or livestock owner in Canada today.
25 min
5
5. Calculating one's zakat step by step: a full exampleA seven-step method and a full example for a household in Canada (accounts, TFSA, gold, receivables, debts), with the variants according to the positions, intention, payment, making up forgotten years and using the site's calculator.
35 min

Unit 3

Giving: recipients, zakat al-fitr, sadaqa and waqf

1
1. The eight recipients of zakat (9:60)The eight categories of verse 9:60 explained one by one, those who cannot receive zakaat (close relatives, spouse, the rich), and practical questions in Canada: giving to an organisation, sending abroad, tax receipts.
35 min
2
2. Zakat al-fitr: in-depth questionsFollowing the "Ramadan and fasting" course, a deeper look: the difference from the zakaat of wealth, who owes it and for whom, the measure of the ṣaa', the debate on paying in money, the timing and the centre's role, with an example for a family.
25 min
3
3. Sadaqa and the art of givingVoluntary charity: its forms, its merits, the manners of giving (discretion, without reproach, from what one loves), where to begin, and how to give wisely today (online fundraisers, organisations, regularity).
30 min
4
4. Waqf, ongoing charity and the willWaqf (endowment): its origin with 'Umar at Khaybar, its rules, its modern forms; ongoing charity (ṣadaqa jaariya); and the will (waṣiyya) up to one third, with the practical questions of a will in Canada.
30 min

Unit 4

Earning and spending lawfully

1
1. Riba: what it is and why it is forbiddenThe verses of prohibition (2:275-280), the hadiths, the two forms of riba (on loans and in exchange), the wisdom of the prohibition, the position of contemporary bodies on bank interest, and what to do with interest received.
35 min
2
2. Lawful earnings, debts and contractsWhy lawful earning conditions worship, forbidden sources, honesty in trade and work, contracts (consent, clarity, no gharar), then the ethics of debt: writing it down, repaying, not delaying, granting time.
35 min
3
3. Everyday finances in Canada: questions and guidelinesMortgage, credit card, car loan, student loans, insurance, investing in an RRSP or TFSA, buy now pay later: the questions presented neutrally, the main positions, the recognised fatwa bodies, and a review of the course.
35 min