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Zakat can be calculated on property, gold, income, diamond, etc. and before paying zakat, It is important to see who are eligible for zakat. [27] The gold considered in determining the Zakat threshold is 24 karats because 21, 18, and other karats are not pure gold; they are mixed with other metals and alloys.
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]
In Sharia (Islamic Law) niṣāb (نِصاب) is the minimum amount of wealth that a Muslim must have before being obliged to give zakat. Zakat is determined based on the amount of wealth acquired; the greater one's assets, the greater the zakat value. Unlike taxable income in secular states, niṣāb is not subject to special exemptions.
Zakat al-Fitr is a fixed amount assessed per person, while Zakat al mal is based on personal income and property. [107] According to one source, the Hidaya Foundation, the suggested Zakat al Fitr donation is based on the price of 1 Saa (approx. 3 kg) of rice or wheat at local costs, (as of 2015, approximately $7.00 in the U.S.).
The amount of Zakat is the same for everyone regardless of their different income brackets. The minimum amount is one sa` (four double handfuls) of food, grain or dried fruit for each member of the family. This calculation is based on Ibn 'Umar's report that the Prophet made Zakat al-Fitr compulsory and payable by a sa` of dried dates or a sa` of
Zakat can be used to finance a jihad effort in the path of Allah. Zakat money should be used, provided the effort is to raise the banner of Islam. [41] [42] Additionally, the zakat funds may be spent on the administration of a centralized zakat collection system. Historically, Abul A'la Maududi championed the concept of Zakat. [43]
It literally means a tenth part, [13] and it remained in practice in Islamic ruled territories from Spain and North Africa through India and Southeast Asia through the 18th century. [14] Ushur was applied on traders, at a rate of 10% of the value of the merchandise that was either imported or exported across the border controlled by the Islamic ...
Zakat Foundation of America is a Chicago-based NGO providing emergency relief, post-disaster rehabilitation, sustainable development, education, healthcare, orphan sponsorship, and seasonal programs such as Ramadan iftars and Udhiya/Qurbani. Zakat Foundation of America is registered under 501(c)(3) as a non-profit charity organization.
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