3) Zakat - Wealth Tax

Zakat is a specfic amount of money or goods obliged on specific categories of wealth at specific times

Types of Wealth on which Zakat is Obliged

Livestock
Certain Crops
Gold and silver
Trading Goods

Preconditions of zakat

Being Muslim
Nisab (the minimum amount)
Owning the wealth for a lunar year (except crops)
Lack of debts which would reduce the wealth below the nisab
Intention to pay it
Payment of it
Distribution of it


Categories in which zakat is distributed

The poor and the very poor
Zakat Collectors
Those in debt
Travellers who find themselves in difficult circumstances
Freeing slaves
Reconciling hearts
In the Way of Allah

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