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Islamic taxes are taxes sanctioned by Islamic law. [1] They are based on both "the legal status of taxable land" and on "the communal or religious status of the taxpayer". [1] Islamic taxes include zakat - one of the five pillars of Islam. Only imposed on Muslims, it is generally described as a 2.5% tax on savings to be donated to the Muslim ...
(Zakat purifies the wealth of a Muslim, (according to Surah At-Tawba, Ayat 60 in the Quran [5]), and several a hadith.) In Pakistan Zakat is levied on sahib-e-nisab , i.e. a person who owns or possesses assets liable to Zakat under Shariah equal to or more than nisab , (about US $300, calculated according to the value of 612.32 grams of silver ...
Khums is the first Islamic tax, which was imposed in 2 AH/624 CE, [a] after the Battle of Badr. [3] It is separate from other Islamic taxes [ b ] such as zakat and jizya . [ 5 ] [ 6 ] It is treated differently in Sunni and Shia Islam ; key topics of debate include the types of wealth subject to khums, the methods of its collection and ...
Urdu Daira Maarif Islamiya or Urdu Encyclopaedia of Islam (Urdu: اردو دائرہ معارف اسلامیہ) is the largest Islamic encyclopedia published in Urdu by University of the Punjab. Originally it is a translated, expanded and revised version of Encyclopedia of Islam. Its composition began in the 1950s at University of the Punjab.
Beneficiaries of zakat include orphans, widowed, poor muslims, debt-ridden, travelers, zakat collectors, new converts to Islam, Islamic clergy. [ 9 ] [ 10 ] [ 11 ] Zakat is prescribed to cleanse the individual's wealth , heart, and baser characteristics in general, and to replace them with virtues.
Bahar-e-Shariat (Urdu: بہارِ شریعت; 1939) is an encyclopedia of Islamic fiqh (jurisprudence), according to the Hanafi school. Spreading over 20 volumes, Seventeen of its volumes were written by Amjad Ali Aazmi , a disciple of Ahmed Raza Khan .
Founded in 2003 by the eleven Islamic countries including Pakistan, it is focused on improving and maintaining Islamic taxes, including zakat policies for rapid economic development in the member states. [2] It also serves as a forum of discussion and research institute for the matters associated with the Islamic taxation system.
A supporter of Islamic economics describes a "major difficulty" faced by Islamic reformers of Islamic economics and pointed out by other authors, namely that because a financial system is an "integrated and coherent structure", to create an Islamic system "based on trust, community and no interest" requires "changes and interventions on several ...