My Journal on zakat
By drsidekaziz 12/1/2012
Excerpts:
- Zakat is a source of revenue for the state and from an economic perspective they play an important role in wealth circulation.(http://www.khilafah.com/index.php/the-khilafah/economy/3768-zakat)
- Zakat is due on gold, silver, and or paper currency, whether it is cash in hand or credit in the hands of borrowers.(http://www.missionislam.com/knowledge/zakat.htm)
- Zakat is levied on anything over that according to how much of it there is, as long as there continues to be a supply from the mine.(http://www.sunnipath.com/library/Hadith/H0001P0017.aspx)
- Zakat could be used as a counter-cyclical policy through discretionary and non-discretionary fiscal policy.(http://econpapers.repec.org/RePEc:ije:journl:v:14:y:2006:i:2:p:117-146)
- Zakat is not a tax burden, but it serves as a socio financial system by redistributing the wealth among the poor and the needy.(http://views.hubpages.com/hub/Zakat)
- Zakat also should not be given to one's own parents, grandparents, children, grandchildren, or spouses.(http://en.wikipedia.org/wiki/Zak%C4%81t)
- Zakat on gold and silver becomes obligatory only when they are made into coins, and are in currency for transactions.(http://www.al-islam.org/laws/zakat1.html)
- Zakat purifies our wealth, it will give us a feeling of goodness inside, a feeling of doing good and being of help.(http://www.islamicbooks.info/H-2-Ibadat/2-Zakat.htm)
- Zakat is paid only when jewellery is kept for purposes other than wearing.(http://www.sunnipath.com/library/Hadith/H0001P0017.aspx)
