What is Zakat? Zakat is an obligatory duty and one of the five pillars of Islam. It is mandatory when two conditions are simultaneously satisfied which are Nisab and the Due Date. different verses in quran Q21:73, 17:26-29,6:141, 2:215...... What is Nisab and its current value? Nisab is the exemption limit for the payment of Zakat. In other words, it is the amount which savings or capital or product must exceed in order for the Muslim owner to be obliged to give zakat. The Nisab is based on 85 Grams of Gold, check this website for the latest gold prices. When is Zakat due date? Zakat is due after one Lunar (Hijri) year starting from either the first day you acquired the amount of Nisab or the day you paid Zakat last year. The month of Ramadhan is considered to be the best time to pay Zakat. Please note that Women jewelry is not subject to Zakat unless its amount is excessive or the jewelry is not being used (this is the view of Imam AlShafie and other scholars). However Imam Abu Hanifah and other scholars are on the opinion of Zakat must be paid on Woman jewelry if it reaches the Nisab (which is 85 grams) The calculation of money for example you have $10,000 / 40 = $250. Allah knows the best.
Posted on: Thu, 18 Jul 2013 09:24:00 +0000
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