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Islamic Accounting Standards: Accounting for Zakah

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Islamic Accounting Standards: Accounting for Zakah

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Questions and Answers

What is the meaning of Zakah?

Blessing, purification, increase, and cultivation of good deeds (correct)

A voluntary donation for the needy

A charitable contribution for specific categories

A religious tax on wealth and income

Which of the following is NOT one of the central features of Islam's five pillars?

Declaration of faith (shahada)

Charitable donations (sadaqah) (correct)

Pilgrimage (hajj)

Fasting

What is the difference between Zakah and charity?

Charity is specified in the Quran, while Zakat is not

Zakat is a compulsory levy on wealth and income, while charity is voluntary (correct)

Zakat can be given to any person, while charity has specific beneficiaries

Charity is paid for a specified purpose, while Zakat is not

Who are allowed to receive Zakah according to the Quran?

<p>The poor, the needy, and those employed to administer the funds</p> Signup and view all the answers

What does Sadaqah refer to in relation to Zakah?

<p>Charitable donations</p> Signup and view all the answers

Study Notes

Zakah and Charity

Zakah means purification and growth, as it purifies one's wealth and soul, and brings growth to the individual and society.

Difference between Zakah and Charity

Zakah is obligatory for Muslims who meet certain conditions, whereas charity (Sadaqah) is voluntary and can be given at any time.

Central Features of Islam

The five pillars of Islam are Shahadah, Salat, Zakah, Sawm, and Hajj; the correct answer is that Jihad is NOT one of the central features.

Recipients of Zakah

According to the Quran, the following eight categories of people are allowed to receive Zakah: the poor, the needy, the zakah collectors, the new converts to Islam, the slaves in bondage, the debtors, the warriors in the cause of Allah, and the wayfarers.

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Description

Learn about the Islamic perspective on accounting for Zakah, including its meaning, significance, and regulations. Explore the obligations and purposes of Zakah in accordance with Shari'ah law.