Zakat & Charity
Zakat & Charity
Zakat as an obligation and sadaqah as voluntary charity, and who may receive them.
Learning objectives
- Distinguish between zakat and sadaqah
- Explain the nisab and the zakat rate
- List the 8 categories of zakat recipients
- Know the importance of giving in the community
The reserve ratio is 2.5% or 1/40 of the remaining assets. Assets that are required to be pledged include gold, money, livestock, crops and business assets. A minimum reserve is required before a loan can be made. A savings account (sou) is a voluntary fund that you can make at any time. Marriage makes for clean riches and a blessing for the rest.
Comprehension quiz
What is zakat?
What is the rate of zakat on savings?
Who may not receive zakat?
How is sadaqah different from zakat?
What are the conditions before zakat becomes due?