Islamic Finance | MCQs

Explanation

A related question about Zakat

Zakat is the 3rd fundamental pillar of Islam.

Zakat was made compulsory in 2 A.H but its complete system was imposed in the year of 8th hijrah.

The word Zakat occurs 32 times in the Holy Quran.

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How many camels render are to par Zakat? 5

How many goats render are to pay zakat? 40

How many cows render are to pay Zakat? 30-40

How many bulls render to pay Zakat? 30-40

How many buffaloes render to pay zakat? 30-40

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Zakat is payable on gold of_________7.5 tolas

Zakat is payable on silver of_______52.5 tolas

How many times word Zakat is used in Makki Surahs? 22 times

Who is not entitled to get Zakat? Parents, Husband, wife, and children

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Explanation

The standard rate of Zakat on silver, gold, and currency is 2.5% (or 2 ½ %) of the total wealth if it meets the Nisab threshold..

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If you have 7.5 tola/3 ounces/87.48 grams of gold or

52.5 tota/21 ounces/612.36 grams of silver or

its cash equivalent for a full lunar year,

then you are considered Sahib-e-Nisab and should pay Zakat 2.5%

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Zakat become obligatory in 2 AH

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Zakat money can be spent on Poor Muslims

List of Head of Zakat

1. Al-Fuqara (The poor)

2. Al-Masakin (The needy)

3. Zakat collectors

4. Who converted to Islam

5. Freeing captives

6. Debtors

7. In the path of Allah

8. Wayfarer (Traveler)

Explanation

• Ushr is a 10% tax on harvests from irrigated or rain-watered land.
• 5% on harvests from land dependent on well water.

Explanation

Nisab of zakat for silver is 52 1/2 tola

Zakat literally means Purification.

When Zakat was made compulsory in 2 A.H (properly implemented in 8 Hijri.

The word Zakat occurs 32 times in the Holy Quran.

Hazrat Abu Baker did Jihad on the issue of Zakat.

Without which act the prayer is useless? Zakat

One who disbelievers in Zakat is a Kafir

“Zakat” is the treasure of Islam, who said this? Holy Prophet (PBUH)

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Explanation

The nisab by the gold standard is 3 ounces of gold (87.48 grammes) or its equivalent in cash.

The nisab by the silver standard is 21 ounces of silver (612.36 grammes) or its equivalent in cash.

Explanation

• Ushr (literally that means one tenth) is levied at the produce of landowners exceeding 948 kilograms of wheat or different crops of the identical cost. year-clever assessment on real collection of ushr among 1982-83 and 1992-93 can be seen at Appendix II. Ushr quantity does now not form a part of the vital zakah fund.
• The neighborhood zakat committees were accountable for this paintings as voluntary companies, at instances unaware of the significance of the task and lacking the know-how of sales matters.
• local impacts additionally obstruct the challenge of evaluation and collection. Resultantly, ushr which can were a main source of providing help to the deserving individuals inside the rural areas has failed in accomplishing the goal.
  

Explanation

• There are 8 categories (Masarif) for the distribution of Zakat.
• These categories are outlined in Surah Al-Taubah (9:60) of the Quran.

These are:

1. The poor (Al-Fuqara).
2. The needy (Al-Masakin).
3. Zakat administrators.
4. New Muslims and friends of the Muslim community.
5. Slaves and captives.
6. The debt-ridden.
7. In the cause of God.
8. The wayfarer (travelling with few resources).

32 times the word Zakat occurs in the Holy Quran.

22 times word Zakat is used in Makki Surahs.

Zakat was made compulsory in 2 A.H.

But its complete system was imposed in the year of 8th hijrah.

Explanation

Nisab of zakat for silver is 52 1/2 tola

Zakat means Purification.

When Zakat was made compulsory in 2 A.H. (properly implemented in 8 Hijri.

The word Zakat occurs 32 times in the Holy Quran.

Hazrat Abu Baker did Jihad on the issue of Zakat.

One who disbelievers in Zakat is a Kafir

“Zakat” is the treasure of Islam, who said this? Holy Prophet (PBUH)

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Explanation

Zakat and Usher ordinance was promulgated on 20 June 1980 

It applied to all of Pakistan and all Muslim citizens. 

The Zakat and Ushr system has seen amendments and updates over time, including the Punjab Zakat and Ushr Act of 2018. 

Explanation

Zakat and Ushr began in 1980 with an ordinance decreed by General Muhammad Zia-ul-Haq.

Zakat became compulsory during the 2nd hijrah but its complete system was imposed in the year of the 8th hijrah.

The word Zakat occurs in the Holy Quran 32 Times

The word Zakat is used in Makki Surahs 22 times

Parents, Husbands, wife and children are not entitled to get Zakat.