You pay Zakat when your money has passed the Nisab threshold, over a full Islamic lunar year. If your held assets fall below the threshold, you no longer need to pay. Your Zakat is calculated based on your personal wealth and is often paid by Muslims in Ramadan, the month of greatest reward. However, your Zakat can be paid any time of the year
Zakat, also known as almsgiving, is the fourth pillar upon which the faith of Islam rests upon. It is not just encouraged in Islam, it is mandatory upon all Muslims to give in the way of Allah (SWT) and help the needy. Zakat is the act of taking a portion of the wealth that Allah (SWT) has given you and giving it to those who are not as
For the entire duration of his rule, there was a surplus of zakat revenues to the extent that zakat workers could hardly find a needy person to receive the zakat money (Al-Omar, 1996). History documented that the early caliphs and zakat administrators were men of credibility and were hardworking, creative, just and caring ( Uqlah, 1985 ).
TR i-1 deals only with entities that pay zakat in their capacity as separate entities that carry out business. When an entity pays zakat on business, the amount of zakat assessed is recognised as an expense and included as a deduction from net income in the income statement of the entity.
Very briefly: 1. The Fair Distribution of Wealth and Income. 2. The Inculcation of an Ethic of Self-Reliance Coupled with the Means to Remove the Causes of Begging. 3. Engendering Fellowship and Alleviating Group Animosity. 4. Security Against Hunger and Disaster.
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rules of paying zakat
