Introduction
Zakat is one of the most important pillars of Islamic finance, it expresses the solidarity and solidarity of Muslims in society. Zakat means Division, liquidation and growth, where part of a Muslim’s personal wealth is deducted and distributed to the needy, the poor, the poor and others. Zakat promotes social justice and strengthens the bonds of solidarity in the Islamic community. Zakat has several varieties of funds for which zakat is due, and each of them will be discussed in this article.
The meaning and importance of Zakat
Zakat is one of the fundamental pillars in Islam, and it is an expression of social solidarity, compassion and solidarity among Muslims. Zakat means Division, liquidation and growth, where a Muslim deducts part of his wealth and distributes it to the needy, the poor and others. Zakat aims to promote social justice and strengthen the bonds of solidarity in society, and is considered a legitimate duty that every Muslim should fulfill.
Ruling on the imposition of Zakat
The ruling on the imposition of Zakat is a legitimate duty for a Muslim, since he must give out a certain part of his wealth to the poor and needy. The imposition of Zakat is one of the five pillars of Islam, which is obligatory and it is not permissible to postpone or leave it. The imposition of Zakat is the embodiment of social solidarity among Muslims, and promotes justice and equality in society. By imposing Zakat, a balance is achieved in the distribution of wealth and the promotion of compassion and cooperation in society.
Gold and silver
Gold and silver zakat is one of the most important types of Zakat that is obligatory on Muslims. Zakat on gold and Silver must be paid if it reaches the specified quorum and maintained for about the whole year. The ratio of gold and silver zakat is 2.5%, calculated based on the actual value of the two metals. Muslims can pay the value of Zakat in cash or in gold and silver themselves.
Quorum and percentage of gold and silver Zakat
The weight of the gold and silver owned must reach the Quorum of Zakat to be paid. The gold quorum is 85 grams, while the silver quorum is 595 grams. Gold and silver zakat is calculated at 2.5%, which is a fixed, unchanged percentage. To calculate the value of Zakat, the weight of the metal must be multiplied by the correct one, and then multiply the result by the percentage of Zakat 2.5%. It is possible to transfer the monetary value of Zakat and pay it in cash or in gold and silver themselves.
Cash and bank deposits
Cash and bank deposits are considered to be funds in which zakat is due. Cash includes paper money and coins that a person owns or receives in the period of strabismus. As for bank deposits, they include funds that you deposit in banks and earn a return on them. To calculate the zakat of cash and bank deposits, the amount must be multiplied by the Zakat ratio of 2.5%. Zakat can be paid from cash, bank deposits or its financial value.
How to calculate zakat in cash and bank deposits
To calculate the zakat of cash and bank deposits, the amount that a person has in the period of the squint is multiplied by the established Zakat ratio of 2.5%. For example, if the amount deposited in the bank is 10,000 riyals, then the value of Zakat will be 250 riyals (10,000 × 0.025). Zakat can be paid from cash, bank deposits or its monetary value. A person who owns cash or bank deposits must provide the Zakat due on the date of al-Hawl.
Trading and equities
Trade and stocks are considered to be funds in which Zakat must be paid. The amount of Zakat is calculated at 2.5% of the value of the capital invested in trade and stocks. This includes the value of the goods stored and the value of the profits made. Zakat on trade and shares is paid when the time limit of the invested amount is completed, whether the profits are present in the company or have been withdrawn. It is advisable to calculate Zakat regularly and pay it on time.
Zakat on trade, stocks and investments
Trade, stocks and investments are funds in which Zakat must be paid. The amount of Zakat is calculated at 2.5% of the value of the capital invested in trade, stocks and investments. This includes the value of the goods stored, the value of the profits made and the value of the investment. Zakat for trade, stocks and Investments is paid when the time limit of the invested amount is completed, whether the profits are present in the company or have been withdrawn. It is advisable to calculate Zakat regularly and pay it on time.
Real estate and land
Real estate and land are funds in which Zakat must be paid. Zakat on real estate and land must be paid in the amount of 2.5% of its total value. This includes the value of owned and leased real estate and land areas, whether they are profitable or not. It is advisable to determine the value of real estate and land at the current market value. Zakat on real estate and land is paid if the quorum is completed and the time limit expires.
Zakat on real estate, land and rents
Real estate and land are considered funds in which Zakat must be paid. Zakat on real estate and land must be paid in the amount of 2.5% of its total value. This includes the value of owned and leased real estate and land areas, whether they are profitable or not. It is advisable to determine the value of real estate and land at the current market value. Zakat on real estate and land is paid if the quorum is completed and the time limit expires. Zakat is given to the poor, needy and deserving poor.
Agriculture and livestock
Agriculture and livestock are one of the types of funds for which zakat is obligatory. Zakat for agriculture and livestock must be paid if the quorum is completed and the time limit has elapsed. Agricultural Zakat includes cultivated plants and fruits, while livestock Zakat includes livestock, poultry, fish, and others. Agricultural and livestock zakat is calculated at 10% of the total production or market value of the crop or animals. Zakat can be paid to the poor, needy and deserving poor.
Ruling on zakat for agriculture and livestock
Agriculture and livestock are one of the types of funds for which zakat is obligatory. Zakat for agriculture and livestock must be paid if the quorum is completed and the time limit has elapsed. Agricultural Zakat includes cultivated plants and fruits, while livestock Zakat includes livestock, poultry, fish, and others. Agricultural and livestock zakat is calculated at 10% of the total production or market value of the crop or animals. Zakat can be paid to the poor, needy and deserving poor.
Methods of paying zakat for plants and animals, from the funds in which zakat is due
There are several ways to pay zakat for farms and livestock in which zakat is due. Farmers can pay zakat in the amount of 10% of the total crop production. The farmer must have met the legal quorum and passed at least about one Hijri since the start of his cultivation. As for livestock, Zakat should be paid in the amount of 10% of the value of livestock, poultry, fish, etc. Zakat can be paid to the poor, needy and deserving poor in accordance with the Sharia and you can donate your Zakat to the AHAD Association to help African countries.
You can visit the ahad Association website to find out more about the projects it offers
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