IRDO ZAKAT FUND
About Zakat
Zakat an ARABIC word, which means sacredness and development. Zakat is the third of five core pillars of Islam and by Qur’anic ranking, is next after Prayer in importance. It has been interlinked with Prayer 28 times in the Qur’an. Indeed, the brain of an individual who gives zakat is purified from the covetousness for riches and from parsimony. In addition, the poor have a right on a bit of the abundance of the rich. Allah says, “And in their abundance and assets (was recollected) the right of’ the penniless, him who asked, and him who was kept from inquiring” (51:19). Consequently, the abundance of the rich is purified by gift of a piece of it as zakat. Allah says, of their products take contributions (sadaqa) that so however mightest refine and santify them” (9:103). The word zakat implies development. It is referenced in the QURAN that “that which ye (ay out for a noble cause, looking for the Countenance of Allah will expand: it is these who will get a reward duplicated” (30:39).
Policy of Zakat
Zakat depends on pay and the worth of assets. The normal least sum for the individuals who qualify is 2.5%, or 1/40 of a Muslim’s absolute reserve funds and riches. In the event that individual abundance is beneath the nisab during one lunar year, no zakat is owed for that period.
Zakat funded program Calculation
When calculating zakat, total wealth and assets, we must consider the following:
- The value of gold and silver items owned
- Money in your bank accounts or cash at home
- Loans that you have given out
- Pensions, stocks, shares and investments
- Property owned as an investment (excluding the property you live in)
- Farm and others produce.
Zakat of Mill Factory and Industries. - Zakat on cows, buffaloes, camels, goats, sheep and goats.
- Zakat on shops and merchandise
- Zakat on crops (usury and usef usury)
(1 in 10 in the case of Usher and 1 in 20 in the case of Nesfe Usher)