Zakat in Islam: The Definition and Importance of Charitable Giving
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Zakat in Islam: The Definition and Importance of Charitable Giving
- 1. ZAKAT IN ISLAM THE DEFINITION AND IMPORTANCE OF ZAKAT
- 6. INTEREST vs PROFIT INTEREST PROFIT Rate based on the amount of money involved Rate based on the amount of profit obtained Payment is fixed Distribution depends totally on the profitability Amount does not increase even if profit obtained manifold Distribution of profit increases in accordance to the amount of profit obtained
- 16. Like prayer, Zakat is from amongst the basic principles of Islam and not paying your Zakat is a major sin.
- 17. “ He [Pharaoh] will go before his people on the Day of Judgment, and will lead them into the Fire.” (Surah Hud : 98) Allah (SWT) said,
- 19. The first Muslim Caliph Abu Bakr As-Siddiq (r.a.) , said: "By Allah (SWT), if they refuse to pay me (even) a bridle which they used to pay the Messenger of Allah (pbuh), then I will fight them because of their refusal." [Muslim]
- 20. In another hadith by Abu Dawud, the prophet s.w.t . said: “ Allah has made zakat obligatory simply to purify your remaining property, and He made inheritances obligatory that they might come to those who survive you.”