Zakat of Tradewaers

Tradewares difined as any property good for trade or barter which is not forbidden in Islam included trading in land, real estate, livestock, cars, equipments and goods that are bought and sold for profit . The consensus of evidence from the Holy Quran, Sunnah, scholars consensus and Qiyas (An analogical methodology in Islamic jurisprudence) on obligation of Zakat of tradewares recognizing the growth of trade funds.

The jibayah of tradewares starts after receiving. evaluating and checking of the businessman Zakat declaration. The Zakat declaration is a written docament signed by the Zakat payer together with audited accounts showing the financial position. Zakat of tradewares is collected after receiving Zakat declaration and due for one- time payment or in according with conditions.
If no payment is made….

Z.C.may enforce its powers conferred upon it by law and take the necessary measures for collecting Zakat such as seizure of money, and goods of the Zakat payer that equals the value of Zakat, or filing a lawsuit before the competent court to take an executive decision of Zakat value. The most important accounting principles that need to be taken into account in Zakat of trade include the following:
1- The principle of evaluating tradewares at the end of the Haul( Ayear of the Hijra calender) on the market value.
2- The principle of Haul as a basis of assessing Zakat tradewares (The end of the Hijra year)
3- The principle of Al-Nisab (The taxable limit for Zakat) which is determined annually and to be assessed proportionate to gold by the Fatwa Committee of Z.C.
4- The principle of non-duplication of Zakat, where no Zakat on property twice in one year, and no Zakat on specific property already Zakat has been taken from in another property.

Potential of Zakat tradewares

The potential of Zakat of tradewaers determines through Zakat declaration or submission of the budget. The examination and assessment is based on data and information of the budget. The examination and assessment is based on data and information of Zakat payer.
The Zakat potential is caluated as follows:-
The current assets minus the current liabilities.The current assets is the cash in treassury and in the Bank, and goods at the end of Haul in addition to credits (available credits) , and not adding fixed assets such as buildings, machinery, equipments and other assets that produce or assist in the production .
The current liabilities are debts that need to be repaid in the short term its payment needed to be paid by current assets, and are difined as the obligations that must be met during the financial year or the business cycle whihever longer provided that commitment to one of the business activities (Buying goods or credit for example) .

Distinguishing of current liabilities:-
The current liabilities are distinguished on the basis of operating cycle, as the repayment of debt should be during period of time close to full financial year or period of time necessary to complete the operating cycle or whichever longer and that debt considers currert liabilities.

The model from of tradewares
The model form of tradewares includes:
1- The attachement of outline information of the Zakat payer , the way to deal with him and ininformation to make it easier to those who come after the file direct employee.
2- When assessing Zakat of tradeware the form should declare the assessment basis.
3- Copy of the business certificate.
4- Two copys of lease contract, one should be attached to Zakat payer file and the other should be sent to buildings department.
5- Zakat collection card to be put on the right side of the file.
6- Information card to be put on the left side of the file.
7- Residency certificate to follow-up Zakat pavyer in case of the business shutdown.
8- When transferring the file to appeal committee Z.C. should clarify the information or documents in which the assessment is established.

The jibayah (collection) of Zakat of the Sudanese abroad
In the jibayah of Zakat of the Sudanese abroad Z.C. uses the same principles in collectiny Zakat within the country and to be collected in hard currency in accordance with following basis.
1/ The Sudanese expatriates should submit a declaration of their wealth and attaching documents which confirm his/her declaration.
2/ The Zakat Nisab should be determined proportionate to price of currency of the countries they live .
3/ The basic needs should be estimated to each country in consultation with the Sudanese expatriates working in those countries, taking into account the economical conditions of each country.
4/ Z.C. collects Zakat of Sudanese expatriates in coordination and agreement with Sudanese expatriates affairs Authority or through Z.C. offices that are established abroad.
5/ Z.C. may consider support requests that are submitted by any of the Sudanese expatriate if he/she is entitled to Zakat or his family.