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Zakat- The third Pillar of Islam (part-3)
Zakat has to be paid compulsorily only if a Muslim owns beyond a particular amount of wealth, which is known as nisab. Nisab is an Arabic word which means portion. In the context of zakat is refers to the limit beyond which a Muslim has to pay zakah, compulsorily. So a Muslim will be liable to pay zakat if he owns 87.27 grams of gold or 610.9 grams of silver. The condition of nasab is that this amount of gold or silver must be in possession of a person till a year. If a person does not possess the nisab amount of gold or silver then he may have to calculate the equivalent monetary value and pay the zakat.
Allah (swt) says in the Quran: ‘Alms are for the poor and the needy, and those employed to administer the funds for those whose hearts have been recently reconciled to truth for those in bondage and in debt in the cause of Allah and for the wayfarer: thus is it ordained by Allah and Allah is full of knowledge and wisdom’. (TMQ-9:60).
According to this Quranic verse there are altogether 8 categories of people who are entitled to receive zakat (contd)
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