Intro to ZAKAT and its NISAB in 2023

Intro to ZAKAT and its NISAB in 2023

It comes from “Zakah,” an Arabic term that implies “cleanliness, cleansing, increase, development, righteousness, blessing, and praise.”

One of the five pillars of Islam is zakat. Muslims are required to pay zakat, a religious tax, on their wealth. Zakat is meant to aid the needy and the poor. Zakat is a tax that is collected at the time of
donation and given to charitable causes.

The Islamic religion places a lot of emphasis on zakat. It is one of the Five Pillars of Islam and a duty that Muslims must carry out. Zakat is a portion of one’s wealth that is donated to the needy, destitute, and
orphaned. Muslims are urged to donate zakat regularly since it is regarded as a type of charity.

MAINTAINED AMOUNT IN ISLAM:

From the day a Muslim’s wealth equals or exceeds the Nisab, it must be paid once a year. Yet, only 2.5 percent of the wealth must be distributed to the eight qualified recipient categories listed in the Holy
Quran.

“Zakah expenditures are only made for the poor and the needy, for those who work to collect zakah, for uniting people for Islam, for the release of prisoners or slaves, for those who are in debt, for the
cause of Allah, and for the stranded traveller – a duty given by Allah. And Allah is Wise and Knowledgeable. (60 in Al-Tawba.)

Intro to ZAKAT and its NISAB in 2023.

RATES ACCORDING TO 2023 PERSPECTIVES:

You must pay 2.5% Zakat on all of your savings and other related assets if all of the aforementioned conditions hold true. Which property is zakatable? Zakat payment is not required on every asset.

Once a year, once one lunar (Islamic) year has passed since reaching or exceeding the Nisab, eligible Muslims must give the Zakat (certain amount of wealth).

BENEFITS OF PAYING ZAKAT:

• It is for the benefit of society’s underprivileged members.
• Given that it boosts a country’s economy, it is a blessing from Allah (SWT) for both the giver and the recipient.
• It creates a society based on humanitarian principles.
• It eliminates the financial stress for the impoverished and lessens inequalities between various societal groupings.

• It meets the demands of the recipient and lessens his physical and emotional pain. As a result, it reduces social tensions, fosters love and fraternity between the rich and the poor, and widens the distance between them.
• Zakah fosters social and economic security in the community and strengthens ties among all its members in this way.

Intro to ZAKAT and its NISAB in 2023.

Intro to ZAKAT and its NISAB in 2023

Article -by – Ali Hadar , Posted -by- Ali Hadar

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