Islamic Finance: Understanding Zakat and Nisab

GenialJasper1318 avatar
GenialJasper1318
·
·
Download

Start Quiz

Study Flashcards

11 Questions

What is the meaning of the word 'zakat'?

Charity and purification

When does zakat become compulsory on one's wealth?

After owning the wealth for at least a year

Who is entitled to receive zakat?

The poor and needy

What is the Nisab in relation to zakat?

The minimum amount of wealth required for zakat to be obligatory

What are some examples of items on which zakat is payable?

Cash, gold, silver, and raw materials for industrial goods

What is the rate of zakat on cash, gold, and silver?

2.5%

What is the purpose of Zakat according to the text?

To ensure the rich do not forget the needs of the less fortunate

What type of charity is Aus Sadqa based on the text?

Voluntary charity based on compassion

According to Hazrat Muhammad, what qualifies as charity?

Meeting someone with a cheerful face

How does Zakat contribute to societal wealth distribution?

By promoting sharing wealth with the needy

In Hazrat Muhammad's words, what should one do if they have nothing to give in charity?

Work with their own hands for personal benefit

Test your knowledge on Zakat, the charitable pillar of Islam, and the concept of Nisab. Learn about the importance of Zakat as a form of purification and charity in Islam.

Make Your Own Quizzes and Flashcards

Convert your notes into interactive study material.

Get started for free
Use Quizgecko on...
Browser
Browser