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Zakat is based on income and the type and value of one's assets/possessions [13] [14] above a minimum amount known as nisab. [7] [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 ...
Zakat on wealth is based on the value of all of one's possessions. [14] [15] It is customarily 2.5% (or 1 ⁄ 40) [16] of a Muslim's total savings and wealth above a minimum amount known as nisab each lunar year, [17] but Islamic scholars differ on how much nisab is and other aspects of zakat. [17]
Islamic taxes are taxes sanctioned by Islamic law. [1] They are based on both "the legal status of taxable land" and on "the communal or religious status of the taxpayer". [1] 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 ...
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 owner then needs to pay 2.5% (or 1/40) of the money as zakat. The owner should deduct any amount of money he or she borrowed from others, check if the rest reaches the necessary nisab, then pay zakat for it. [51]
The General Authority of Zakat, Tax, and Customs (ZATCA) (Arabic: هيئة الزكاة والضريبة والجمارك) is a government agency under the Ministry of Finance in Saudi Arabia that is responsible for the assessment and collection of taxes and zakat, a form of obligatory almsgiving in Islam.
The Shafi'is and Hanbalis continue to divide khums into five shares following Muhammad's death: (1) the share of God and the Prophet (previously given to Muhammad), which now supports the needs of the Muslim community (sahm al-maṣālih), (2) the share for the Prophet's relatives (dhu'l-qurba), given to the members of the Banu Hashim (Muhammad ...
1 Sāʿ = 8 Ratl was how the people of Kufa defined 1 Sāʿ. [3] It was also the measure used by Umar (reg. 634–644) when he atoned oaths. [1] 1 Sāʿ = 5 1/3 Ratl was how the people of people of Medina defined 1 Sāʿ. It was reduced to this relation by Saʿīd ibn al-ʿĀs, who was Governor of Medina under Muawiyah I (reg. 661–680). [1]