zakat

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zakat

(zə-kät`) [Arab.,=purification], Islamic religious tax, one of the five basic requirements (arkan or "pillars") of Islam. All adult Muslims of sound mind and body with a set level of income and assets are expected to pay zakat. Zakat is due yearly on certain types of property and is distributed to eight categories of individuals specified by the Qur'an. These categories are usually defined to include orphans, the poor, travelers, beggars, debtors, slaves, and the efforts to propagate Islam. Zakat is payable, at different rates, on crops, harvests, herds, gold and silver, and merchandise. For gold and silver, which is understood to include all liquid assets, the rate is 2.5%. Being religiously prescribed, zakat is distinct from charity (sadaqa) which is voluntary. Zakat is essentially a personal exercise with no intermediary control, and could be given directly to its recipients, although a central treasury often collects it. In recent times, Pakistan, Sudan, and Saudi Arabia have enacted legislation to enforce the zakat.

Zakat

 

(Arabic, ‘‘purification”), a religious “purifying tax” among the Muslims; it is prescribed in the Koran and its size and the rules concerning its use are discussed in the sharia. The zakat was designed for the maintenance of Muhammad and his family and for aid to the poor, travelers, and the participants in the “holy wars1’(jihad). In the feudal Muslim state, the zakat was levied (only from Muslims) on cattle, handicrafts, trade profits, personal money, and precious stones and jewels. Today, the zakat is a voluntary contribution to the Muslim clergy.

References in periodicals archive ?
The second important transmedia structure appears in Issue 10 associated with the narrative of IS as an economic organization based on Islamic principles (e.g., zakah) and on the return to a mythical past of fairness and flourishing trade (economy narrative).
Because of the different distribution and because zakah is worship.
A chance meeting forced Zakah and Sorina into the war raging between their families and the battle of their lives.
Al-Bukhari and Muslim reported that 'Abdullah bin 'Umar, may Allh be pleased with him, narrated that the Prophet, sallallhu 'alayhi wa sallam, said: "Islam has five pillars: To testify that there is none worthy of worship but Allh and that Muhammad is the Messenger of Allh, to establish the prayer, to pay alms (Zakah), to make pilgrimage to Makkah and to fast the month of Ramadan." Salah (prayer) linguistically means supplication, but in the Sharee'ah, it means words and actions that start with Takbeer - saying Allhu Akbar - Allh is the Greatest - and end with Tasleem - saying Assalamu Alaykum - peace be upon you (at the end of the prayer), accompanied with the intention of some specific conditions (the conditions that must be present and carried out before performing the prayer).
Interestingly, Saif Ahmed stated, "many Islamic finance concepts can be introduced in India right now by being innovative and without changing any laws," and went on to discuss some of the Islamic finance initiatives that Infinity is presently working on including Islamic microfinance based on profit and loss sharing, enabling charitable Zakah funds-based skills development for those below the poverty line, and an interest-free version of a chit fund company or ROSCA (Rotating Savings and Credit Association) that enables members to simultaneously save and borrow.
There are many verses of Al-Quran described legacy as duty exactly as prayers, fasting and Zakah. Interpretations of verses are included to explain how legacy is considered as duty in Al-Quran.
Islam has set the institution of charity that is Zakah, obligatory and binding upon all those who embrace the faith; it has been made into an institution in order to give in permanence and regularity.
He further exhorts: Establish worship, pay the poor due (Zakah), and bow your heads with those who bow (in worship).
"They should be shown that Islam is much more than the prohibition of interest (riba) and alms (zakah), but is a comprehensive system to fulfil society's basic necessities (food, clothing and shelter).
Muslims are told to pray five times a day, to give zakah and to fast during Ramadan.
The bank has launched a new section on its website called 'Amanah and You' that can be used by customers to access the bank's 'Amanah Cares', 'Amanah Wishes' and 'Box of Hope' sections to learn about zakah and sadaqah (charity giving).
The others are faith (Shahadah), prayer (Salah), charitable giving (Zakah), and the pilgrimage to Mecca (Hajj).