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IFN Annual Guide 2021

Zakat

English: religious tax

Alternate spelling: Zakah

Definition: An obligatory contribution which every wealthy Muslim is required to pay to the Islamic state, or to distribute amongst the poor.

According to Islam, zakat – the third pillar of Islam – purifies wealth and souls. Zakat is levied on cash, cattle, agricultural produce, minerals, capital invested in industry and business.

There are two types of zakat:
Zakat al Fitr, which is payable by every Muslim able to pay at the end of Ramadan. This is also called Zakat al Nafs (poll tax).
Zakat al Maal is an annual levy on the wealth of a Muslim above a certain level. The rate paid differs according to the type of property owned.

News related to Zakat (1,081)

PayHalal appointed as digital Zakat channel

Monday, 18 Jan 2021 | Volume18.Issue03

News Briefs

Agrobank makes Zakat donation

Friday, 04 Dec 2020 | Volume17.Issue49

News Briefs

Mulkia REIT Fund enlists Zakat advisor

Thursday, 03 Dec 2020 | Volume17.Issue49

Asset Management

AAOIFI receives feedback on Zakat standard

Monday, 30 Nov 2020 | Volume17.Issue48

News Briefs

Zakat and Islamic financial instruments can be channeled efficiently in India

Friday, 27 Nov 2020 | Volume17.Issue48

IFN Correspondent Reports

Refugee Zakat Fund gets Fatwa

Thursday, 19 Nov 2020 | Volume17.Issue47

News Briefs

IsDB and BAZNAS to pilot Zakat project in Indonesia to support national development programs

Monday, 09 Nov 2020 | Volume17.Issue45

IFN Reports

Zakat distribution in the Maldives

Wednesday, 21 Oct 2020 | Volume17.Issue43

IFN Correspondent Reports

Zakat: A relief provider for Central Africa

Friday, 09 Oct 2020 | Volume17.Issue41

IFN Correspondent Reports

Maldives uses Zakat fund for medical assistance

Monday, 17 Aug 2020 | Volume17.Issue33

News Briefs

AAOIFI exposure draft on financial reporting for Zakat

Tuesday, 04 Aug 2020 | Volume17.Issue31

Column

MAIWP receives business Zakat payments

Tuesday, 28 Jul 2020 | Volume17.Issue30

News Briefs

PPZ-MAIWP told to simplify Zakat process

Thursday, 23 Jul 2020 | Volume17.Issue30

News Briefs

NZF Worldwide to issue Zakat standards

Friday, 17 Jul 2020 | Volume17.Issue29

News Briefs

AAOIFI issues exposure draft for Zakat

Friday, 10 Jul 2020 | Volume17.Issue28

News Briefs

Waqf and Zakat: Missing opportunities in Maghreb countries

Wednesday, 08 Jul 2020 | Volume17.Issue28

IFN Correspondent Reports

MoU to enhance Zakat compliance

Tuesday, 30 Jun 2020 | Volume17.Issue26

News Briefs

The Maldives: Zakat distribution for 2019 list of registered poor

Friday, 12 Jun 2020 | Volume17.Issue24

IFN Correspondent Reports

Boost expands online Zakat service

Tuesday, 02 Jun 2020 | Volume17.Issue22

News Briefs

Waqf and Zakat can tackle the trauma of COVID-19 in India

Friday, 22 May 2020 | Volume17.Issue21

IFN Correspondent Reports

Zakat and purging on investments in Islamic capital market

Tuesday, 19 May 2020 | Volume17.Issue20

Special Reports

DIB donates to Zakat Fund

Monday, 18 May 2020 | Volume17.Issue20

News Briefs

Islamic fintech start-up facilitates bitcoin Zakat donations

Monday, 11 May 2020 | Volume17.Issue19

IFN Reports

IBF Net launches Zakat course

Wednesday, 29 Apr 2020 | Volume17.Issue18

News Briefs

ENOC Group and ERC launch Zakat platform

Monday, 27 Apr 2020 | Volume17.Issue17

News Briefs

MYEG facilitates online Zakat payment

Friday, 24 Apr 2020 | Volume17.Issue17

News Briefs

Zakat funds and moratorium in the Maldives

Friday, 24 Apr 2020 | Volume17.Issue17

IFN Correspondent Reports

MAIWP facilitates online Zakat payment

Thursday, 23 Apr 2020 | Volume17.Issue17

News Briefs

Boost to collect Zakat

Thursday, 23 Apr 2020 | Volume17.Issue17

News Briefs

Pakistan announces new Zakat guidelines

Tuesday, 21 Apr 2020 | Volume17.Issue16

News Briefs

UNHCR to raise Zakat funds to assist coronavirus-impacted refugee communities

Monday, 20 Apr 2020 | Volume17.Issue16

IFN Reports

SME Bank contributes Zakat for COVID-19 fight

Wednesday, 08 Apr 2020 | Volume17.Issue15

News Briefs

Deadline for Zakat repository submissions extended

Wednesday, 25 Mar 2020 | Volume17.Issue13

News Briefs

Fund manager to pay Al-Maather REIT’s overdue Zakat

Tuesday, 10 Mar 2020 | Volume17.Issue10

Asset Management

GAZT seeking feedback on new Zakat system

Thursday, 05 Mar 2020 | Volume17.Issue10

News Briefs

Expanding renewable energy landscape in Indonesia through Zakat

Tuesday, 03 Mar 2020 | Volume17.Issue09

Special Reports

AAIIBP delivers first Zakat assistance

Wednesday, 19 Feb 2020 | Volume17.Issue08

News Briefs

State to bear Zakat and income tax on riyal Sukuk

Friday, 03 Jan 2020 | Volume17.Issue01

News Briefs

Qard and Zakat

Tuesday, 10 Dec 2019 | Volume16.Issue49

Shariah Pronouncement

New Zakat collection rules effective January 2020

Tuesday, 10 Dec 2019 | Volume16.Issue49

News Briefs

The future impact of Zakat in the new financial and digital economy

Tuesday, 03 Dec 2019 | Volume16.Issue48

Special Reports

Zakat collection increases in Melaka

Friday, 29 Nov 2019 | Volume16.Issue48

News Briefs

Malaysia mulls Waqf and Zakat for low-cost housing

Tuesday, 26 Nov 2019 | Volume16.Issue47

News Briefs

Kram to establish Zakat fund

Monday, 25 Nov 2019 | Volume16.Issue47

News Briefs

New Saudi Zakat rule to apply to companies

Monday, 18 Nov 2019 | Volume16.Issue46

News Briefs

Bonyan REIT to start paying Zakat

Friday, 11 Oct 2019 | Volume16.Issue41

Asset Management

SIDC settles Zakat claims with GAZT

Thursday, 03 Oct 2019 | Volume16.Issue40

News Briefs

Malaysia’s ZakatTech could be launched by October

Thursday, 22 Aug 2019 | Volume16.Issue34

News Briefs

Zakat Fund spends on tuition fees project

Friday, 26 Jul 2019 | Volume16.Issue30

News Briefs

MedGulf settles Zakat claims with GAZT

Wednesday, 03 Jul 2019 | IFN Saudi Report 2019

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