In Arabic it is known as zakat which literally means “purification”, because zakat is considered to purify one’s heart of greed. Love of wealth is natural and it takes firm belief in God for a person to part with some of his wealth. Zakat must be paid on different categories of property — gold, silver, money; livestock; agricultural produce; and business commodities — and is payable each year after one year’s possession. It requires an annual contribution of 2.5 percent of an individual’s wealth and assets.
Posted on: Mon, 24 Jun 2013 10:15:59 +0000
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