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Islamic Finance: Understanding Zakat and Nisab

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Islamic Finance: Understanding Zakat and Nisab

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Questions and Answers

What is the meaning of the word 'zakat'?

Obligation towards Allah

Fasting practice

Prayer ritual

Charity and purification (correct)

When does zakat become compulsory on one's wealth?

After performing Hajj

After the death of the owner

Immediately upon acquiring wealth

After owning the wealth for at least a year (correct)

Who is entitled to receive zakat?

Wealthy individuals

One's children and parents

The poor and needy (correct)

Non-Muslims

What is the Nisab in relation to zakat?

The minimum amount of wealth required for zakat to be obligatory Signup and view all the answers

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

Cash, gold, silver, and raw materials for industrial goods Signup and view all the answers

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

2.5% Signup and view all the answers

What is the purpose of Zakat according to the text?

To ensure the rich do not forget the needs of the less fortunate Signup and view all the answers

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

Voluntary charity based on compassion Signup and view all the answers

According to Hazrat Muhammad, what qualifies as charity?

Meeting someone with a cheerful face Signup and view all the answers

How does Zakat contribute to societal wealth distribution?

By promoting sharing wealth with the needy Signup and view all the answers

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 Signup and view all the answers