Muslims who have more than a certain amount of gold, precious jewellery, cash savings, or other assets to pay alms. Zakat or alms is one of the five pillars of Islam, and it's obligatory on all those who are financially sound.
Under Shariah law, Zakat applies to gold, diamond, jewellery, and savings assets.
Islam's five pillars are the core beliefs and practices of Islam. They are profession of faith (Shahada), prayer, alms (Zakat), fasting and pilgrimage.
Below is a guide about the third pillar of Islam.
What is Zakat?
It's a form of charity in Islam. It's the third pillar of Islam. It has many meanings linguistically, including growth and development, purification and Shari'a (a specified share of money paid to a certain specific segment of the society).
Is it obligatory on Muslims to pay zakat?
Yes, it's obligatory for Muslims who have more than a certain amount of gold, precious metal jewellery, cash savings or other assets. Zakat applies to surplus money after meeting the basic needs such as food, clothing and housing for oneself and family.
Who is exempted from paying Zakat?
People who don't have savings or gold/jewellery below a certain threshold are exempted.
Why it has been made mandatory?
Zakat is meant to purify wealth.
How many times a Zakat should be paid?
It's paid once a year (as per the Hijri - Islamic - calendar)
How is Zakat calculated?
It's around 2.5 per cent paid annually or seasonally on the wealth and possessions of a matured Muslim individual, including men and women.
How can I calculate Zakat?
The UAE portal Zakat Fund can assist residents in calculating their Zakat. Residents can also calculate and pay their Zakat on the DubaiNow app.
What is Zakat Al Fitr?
It's a charity paid during the holy month of Ramadan to the poor and needy. The amount can be given from the first day of Ramadan and before Eid Al Fitr prayer time.
Who must pay Zakat Al Fitr?
It is obligatory on every Muslim man and woman, whether adult or child, who owns what is more than his needs and the needs of his dependents. Heads of households have to give the amount to each non-earning member of his/her family.
What is the amount of Zakat Al Fitr for this year?
The UAE's Fatwa Council has set the value of Zakat Al Fitr in the UAE this year at Dh25 per person.
Why Zakat Al Fitr has been prescribed before Eid Al Fitr prayer?
According to a Hadith narrated by Ibn Abbas, may Allah be pleased with him:
"The Prophet (peace be upon him) prescribed Zakat Al-Fitr as purification for the fasting person from the idle and obscene talk, and to feed the poor. Whoever gives it before the prayer, it is accepted Zakat, and whoever gives it after the prayer, it is a form of charity."
News Source: Khaleej Times