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A considerable number of Muslims accept their duty to pay zakat, but deny that the state has a right to levy it, and they may pay zakat voluntarily while evading official collection. [84] In discretion-based systems of collection, studies suggest zakat is collected from and paid only by a fraction of Muslim population who can pay. [18]
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. jizya - a per capita yearly tax historically levied by Islamic states on certain non-Muslim subjects— dhimmis —permanently residing in Muslim lands under Islamic law ...
Beneficiaries of zakat include orphans, widowed, poor muslims, debt-ridden, travelers, zakat collectors, new converts to Islam, Islamic clergy. [9] [10] [11] Zakat is prescribed to cleanse the individual's wealth, heart, and baser characteristics in general, and to replace them with virtues. [12]
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, deeds, property, or salutations. [13] The term sadaqah was used in the Quran and Sunnah for both zakat and charity.
All Muslims who live above the subsistence level must pay an annual alms, known as zakat. In the modern sense, this would be Islam's equivalent to US Social Security or UK National Insurance. This is not charity, but rather an obligation owed by the eligible Muslim to the poor of the community.
Rather, he argues, jizya allows the non-Muslim to live amongst Muslims and take part in Islamic civilization in the hope that the non-Muslim will convert to Islam. [83] as a substantial source of revenue for at least some times and places (such as the Umayyad era) and as economically inconsequential in others. [84] [85]
Another statement of the Islamic banking theory of finance is: "Money has no intrinsic utility; it is only a medium of exchange." [102] [103] Other restrictions include Islamic banks are to collect zakat (obligatory religious alms giving) from customers' accounts – at least according to some sources. [99] [104]
In Islam, zakat is a form of compulsory alms-giving, and a religious obligation for those Muslims who are financially affluent. [37] They are required to pay one-fortieth (2.5%) of their total income or money each year to those Muslims who are poor and helpless.