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Zakat (or Zakāh) is one of the five pillars of Islam. Zakat is the Arabic word for "Giving to Charity" or "Giving to the Needy". [a] [3] Zakat is a form of almsgiving, often collected by the Muslim Ummah. [1] It is considered in Islam a religious obligation, [4] [5] and by Quranic ranking, is next after prayer in importance. [6]
Note 1] The Quran does not provide specific guidelines on which types of wealth are taxable under the zakat, nor how much is to be donated, and Islamic scholars differ on how much nisab is and other aspects of zakat. [16] However, the amount of zakat paid on capital assets (e.g. money) and stock-in-trade and jewelry is customarily 2.5% (1/40). [8]
The International Zakat Organization (IZO) is an Islamic charitable initiative which focuses on the use of Zakat.Its aim is to work in the international Islamic community among the 56 member states of the Organisation of Islamic Cooperation and in the wider world to foster cooperation in economic, social, cultural, and other areas.
In Pakistan Zakat is levied on sahib-e-nisab, i.e. a person who owns or possesses assets liable to Zakat under Shariah equal to or more than nisab, (about US $300, calculated according to the value of 612.32 grams of silver [6]). [1] There are eleven types of assets liable to Zakat "detailed in 1st schedule of Zakat & Ushr Ordinance 1980". [7]
The word sadaqa is interchangeably used with zakat and nafaqa in some contexts, [3] but while zakat is obligatory, sadaqa usually refers to voluntary donations. [ 1 ] Zakat is a required minimum contribution by Muslims in terms of money and property or goods that can help Muslims who need assistance, while sadaqah can be in the form of money ...
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That includes extended relatives, neighbors, or even your favorite waitress at your local diner in the month of December, Myka Meier, etiquette expert, shared with USA TODAY last year.
In Islam, there are two methods of charity: zakat and sadaqa. Zakat is one of the five pillars upon which the Muslim religion is based. 2.5% of one's savings is compulsory to be given as zakat per Islamic calendar year, provided that the saving is beyond the threshold limit, called nisab, usually determined by the religious authority.
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