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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.
The Five Pillars of Islam (arkān al-Islām أركان الإسلام; also arkān ad-dīn أركان الدين "pillars of the religion ") are fundamental practices in Islam, considered to be obligatory acts of worship for all Muslims. They are summarized in the hadith of Gabriel. [1][2][3][4] The Sunni and Shia agree on the basic details of ...
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.
Zakāt (Arabic: زكاة "that which purifies" [4]), is the giving of a fixed portion of one's wealth to needy people, and is one of the Five Pillars of Islam. (Zakat purifies the wealth of a Muslim, (according to Surah At-Tawba, Ayat 60 in the Quran [5]), and several a hadith.)
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 ...
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. [43]
Following Fazlur Rahman, Kuran argues that Islamic economics misunderstands the original functions of Quran-based Islamic institutions. [39] [40] [41] Kuran has written on the Islamic controversy over the permissibility of interest; [42] the origins, historical functions, and modern variants of zakat; [43] [44] and Islamic credit cards. [45]