Zakat

Zakat is the third pillar of Islam and a compulsory financial obligation for every Muslim who meets specific wealth criteria. The word "Zakat" means "to purify" or "to grow," signifying that this charity purifies the wealth of the giver and provides for the needy.

Zakat is calculated based on specific types of wealth held for a full lunar year (Hawl):

• Gold & Silver: Based on weight (Nisab).
• Cash & Savings: Bank balances, bonds, and shares.
• Business Assets: Goods for sale and business profits.
• Livestock: Sheep, goats, cows, and camels (specific counts apply).
• Agricultural Produce: Known as Ushr (10% for naturally irrigated land, 5% for artificially irrigated).

• Nisab is the minimum amount of wealth a Muslim must possess before Zakat becomes obligatory.
• There are 8 categories of people eligible to receive Zakat (Asnaf-us-Zakat), including the poor (Fuqara), the needy (Masakin), and those in debt.
• Zakat cannot be given to one's own parents, grandparents, children, or spouse.
• Sadqa-e-Fitr is a specific charity given before the Eid-ul-Fitr prayer to ensure the poor can celebrate the festival.
• Ushr is the Zakat specifically applied to agricultural land produce.

• Q: What is the literal meaning of the word "Zakat"?
• A: To purify or to grow.
• Q: What is the rate of Zakat on accumulated wealth (Cash/Gold/Silver)?
• A: 2.5% per annum.
• Q: What is the Nisab for Gold in Tolas?
• A: 7.5 Tolas.
• Q: What is the Zakat on agricultural land called?
• A: Ushr.

"According to the Holy Quran, how many specific categories (Asnaf) of people are eligible to receive Zakat?"

A) 5

B) 8

C) 10

D) 12

(Correct: B - 8)