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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 (salat) in importance. [ 6 ] Eight heads of zakat are mentioned in the Quran.
Islamic taxes include. zakat - one of the five pillars of Islam. Only imposed on Muslims, it is generally described as a 2.5% tax on savings to be donated to the Muslim poor and needy. [1][2] It was a tax collected by the Islamic state. kharaj - a land tax initially imposed only on non-Muslims but soon after mandated for Muslims as well.
Zakat: Almsgiving, similar to Sunni Islam, it applies to money, cattle, silver, gold, dates, raisins, wheat, and barley. Khums: An annual taxation of one-fifth (20%) of the gains that a year has been passed on without using. Khums is paid to the Imams; indirectly to poor and needy people. Hajj: Pilgrimage to Mecca; Jihad: Striving for the cause ...
President Zia ul Haq introduced the Zakat system to Pakistan through the Zakat and Ushr Ordinance (1980). In Ramadan Pakistani banks deduct 2.5 percent from bank accounts above the Nisab amount. The banks send the collection to the Ministry of Finance. The Zakat and Ushr Ordinance specify which categories of people are eligible for receiving zakat.
Islamic banking, Islamic finance (Arabic: مصرفية إسلاميةmasrifiyya 'islamia), or Sharia-compliant finance[ 1 ] is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include mudarabah (profit-sharing ...
v. t. e. 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.
Islamic socialism. Islamic socialism is a political philosophy that incorporates Islamic principles into socialism. As a term, it was coined by various Muslim leaders to describe a more spiritual form of socialism. Islamic socialists believe that the teachings of the Qur'an and Muhammad —especially the zakat —are not only compatible with ...
e. In Islam, khums (Arabic: خُمْس Arabic pronunciation: [xums], literally 'one fifth') refers to the required religious obligation of Muslims to pay 20% of their acquired wealth from certain sources toward specified causes. It is treated differently in Shia and Sunni Islam. This tax is paid to the imam, caliph or sultan, representing the ...
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