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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]
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.
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]
The Sāʿ is especially important for the measurement of the Zakat al-fitr, a beautiful alms-giving that must be done on Eid al-Fitr. This alms has the value of one Sāʿ of grain per family member. According to Islamic tradition, this value was established by Muhammad in the year 2 of the Hijra (623/624 AD).
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 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'.
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
Islamic calendar stamp issued at King Khalid International Airport on 10 Rajab 1428 AH (24 July 2007 CE). The Hijri calendar (Arabic: ٱلتَّقْوِيم ٱلْهِجْرِيّ, romanized: al-taqwīm al-hijrī), or Arabic calendar, also known in English as the Muslim calendar and Islamic calendar, is a lunar calendar consisting of 12 lunar months in a year of 354 or 355 days.