We pay zakat in Islam only once per year. It is obligatory on every Hijiri year after your wealth reached the minimum amount indicated in Islam. This minimum amount called Nisab and it is should exist to be obligate to pay zakat. Our beloved prophet has set it at a rate equivalent to: 87.48 grams of gold and 612.36 grams of silver.
Difference between Zakat tax and Income Tax. 1. Zakat refers to charity or helping those in need. Income Tax is a financial charge that must be mandatorily paid. 2. It is paid by Muslims or individuals, based on a certain minimum amount of yearly wealth. Every member or individual of the country based on the monthly income has to pay their
The ‘Nisab’ is the minimum amount of wealth that a Muslim must owned before he/she is obligated to pay for zakat. The total investment value will be validated against the ‘Nisab’ amount issued by the respective Pusat Zakat Negeri to determine the eligibility for zakat payment.
“Zakat is basically like taxes but, while taxes go towards the country, zakat goes to those who are in need,” he said. Zakat is mandatory to all adult Muslims who earn a minimum amount of money each year — known as nisab. Traditionally, the nisab threshold was 87.48 grams of gold or 612.36g of silver.
What is the minimum amount of wealth one must have to be eligible for Zakat? The minimum amount of wealth, or Nisab, that one must have in order to be eligible for Zakat is equivalent to the value of 87.48 grams of gold or 612.36 grams of silver.
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minimum amount for zakat
