THE COMPANION LAGOS DISTRICT IKORODU USRAH GROUP ZAKAH OBLIGATION, WEALTH, COMPUTATION AND DISTRIBUTION Principal Source: QURAN 9:60

ZAKAH – AN OBLIGATORY DUTY QURANIC SOURCES: Q2:3; Q2:43; Q283 Q2:110; Q177; Q2:273; Q2:277; Q3:85; Q3:180; Q4:77; Q4:162; Q5:12; Q5:55; Q6:141; Q7:156; Q9:5; Q5:11; Q5:18; Q5:71 Q19:31; Q19:55; Q21:73; Q22:41; Q22:78; Q23:4; Q24:37; Q24:56; Q27:3; Q30:39; Q31:4; Q33:33; Q41:7; Q58:13; Q73:20; Q98:5 HADITH SOURCES: Sahih Al-Bukhari; Sahih Muslim; etc.

ZAKAH – AN OBLIGATORY DUTY KEY POINTS: I T IS THE 3 RD PILLAR OF ISLAM IT IS COMPULSORY FOR EVERY MUSLIM – MALE OR FEMALE IT IS ON WEALTH AND NOT ON INCOME IT IS PAYABLE ONCE A YEAR IT IS A THRESHOLD CALLED NISAB THE QUALIFIED WEALTH ARE IN FOUR (4) CATEGORIES: (a) AGRICULURAL PRODUCE – CROPS, FRUITS AND PLANTS; (b) Herded/Reared Animals; (C) Trading Stocks/Merchandise and (d) Gold and Silver, Money, Financial and Real Property, etc.

ZAKAH – AN OBLIGATORY DUTY KEY POINTS – contd It is paid by the rich for the benefit of the poor and needy, and in the cause of Allah; It is paid on Halal Wealth only, for Allah is pure and accepts only that which is pure; It preserves and increases wealth; it does not decrease it; The rates are: 2.5% for categories (c) and (d); 5% - 20% for category (b) and one head for category (a)