Explain the following rules of Zakat: 

1- The annual rule. 

2- The rule of actual or assumed growth. (2 Marks )

 What money is eligible for Zakat and what are the conditions of obligatory alms?

 If Ahmed’s wealth was calculated at the end of the month of Dhul-Hijah as follows:

Gold weighing 40 grams, gram price 50 riyals.

silver coins 1000 riyals

500 dinars, the exchange rate of the dinar is 10 riyals

a current account with the Islamic Nation Bank of 6000 riyals

shares of 1000 shares, the market value of the share 5 riyals

an investment deposit with the Islamic Bank of Egypt 1500 riyals

investment certificates 2000 riyals

an amount in the savings book of 1000 riyals

and amount of 500 riyals cash

What is the amount of zakat due by Ahmed?

 

Answer rating: 100% (QA)

1 Zakat is an Islamic religious obligation meaning that Muslims who can afford it are required to give a set percentage of their wealth to charity each year The percentage that is required to be given ... View the full answer