Zakaat collection crosses 1000 crore in Hyderabad
Zakaat, is one of the five pillars of Islam. It is an obligatory system of charity for every affluent Muslim for economic inequality. Islamic scholars calculate the Zakaat according their income. If the person’s assets cross the ‘Nisab’ (minimum value) which is the current market price of 87.48 gm of gold or 612.36 gm of silver has to pay 2.5 percent Islamic annual tax on his wealth. According to the sources the annual Zakaat collection in Hyderabad city alone has crossed Rs.1,000 Crore.
Read Also:Islam Tree: Detailed History of Islam
The money then collected will be given for needy individuals, for Students as Scholarships, Madrasa and other Charity Organizations. Many organisations collect Zakaat and use it for the poor and needy. The Hyderabad Zakat and Charitable Trust is delivering tangible results in collecting and channelising the mandatory charity.
