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Zakat spending as per Holy Quran on 8 categories of people Silver or gold coinage is one way of granting zakat. 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]
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]
In Islam, the Quran is considered to be the most sacred source of law. [6] Classical jurists held its textual integrity to be beyond doubt on account of it having been handed down by many people in each generation, which is known as "recurrence" or "concurrent transmission" ( tawātur ).
Mainstream scholars starting with al-Shafi'i believe hikma refers to the sunnah, and this connection between sunnah and the Quran is evidence of the sunnah's divinity and authority. [ 100 ] 4:113 – "For Allah hath sent down to thee the Book and wisdom and taught thee what thou Knewest not (before): and great is the Grace of Allah unto thee."
The Hanafi school applies zakat on all agricultural produce according to the opinion of Imam Abu Hanifa. According to Imam Abu Yusuf and Muhamad bin Al Hasan, it only applies to plants whose produce can last (through storage) for a year. [12] When zakat applies to a plant, the nisab is five Wasaq. Each wasaq is valued as sixty Sa'.
In traditional Islam, giving zakat is a religious duty and amounts to 2.5 percent of the annual income. The Quranists give zakat based on the Quranic verses. In the opinion of many Quranists, zakat must be paid, but the Quran does not specify a percentage because it does not appear explicitly in the Quran. [44]
Fiqh az-zakat : a comparative study : the rules, regulations and philosophy of Zakat in the light of the Qurʼan and Sunna. London: Dar Al Taqwa. 1999. ISBN 978-1-870582-12-4. Contemporary fatawa : current issues in Islamic fiqh. Newark, NJ: Islamic Book Service. 1999. ISBN 978-1-892004-00-0. Time in the life of a Muslim. London: Ta-Ha. 2000.
Al-I'tqaad alaa Madhabis-Salaf Ahlus-Sunnah wal-Jamaah by Al-Bayhaqi; Hayat ul Anbiya fi Quboor by Al-Bayhaqi; Al-Ishara ila Madhhab Ahl al-Haqq by Abu Ishaq al-Shirazi [28] Kashf ul Mahjoob by Ali Hujwiri; Al-Irshad 'ila Qawati' al-Adilla fi Usul al-I'tiqad by Al-Juwayni; Al-Aqida al-Nizamiyya by Al-Juwayni; Ihya' Ulum al-Din by Al-Ghazali