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Zakah is, in fact, a form of alms giving and religious tax in Islam.
Integrating Zakah, Awqaf and IMF for Poverty Alleviation: Three Models of Islamic Micro Finance.
For instance, reconverting transliterated words such as Allah, zakah, salah, and hajj back into Arabic as [TEXT NOT REPRODUCIBLE IN ASCII] and is much easier than reconverting translated words such as god, alms, prayer, and pilgrimage, which might be rendered as [TEXT NOT REPRODUCIBLE IN ASCII] and respectively.
Bello (2009) asserted that to combat poverty and enhance welfare in the society the institutions of Zakah and Waqf are among several instruments instituted by Islam.
Wadhha Jaber Al-Marri and Ryam Mohammad Saeed, of UAE's Zakah Fund, won the first place in the same category.
They also examined how Azzad calculates purification and Zakah for clients.
Yusuf Al-Qaradawi, Fiqh al-Zakah: A Comprehensive Study of Zakah Regulations and Philosophy in the Light of the Qur'an and Sunnah (The Other Press, 2011), xix.
Sukuk, equities and funds), Islamic microfinance, Islamic venture capital and private equity, Zakah and Waqf are some of the major components of the enabling environment that is needed for sustained progress in Islamic finance.
The IM's national Shura (consultative) Council held its sixth meeting in Khartoum on Friday under the slogan of the Quranic verse "[And they are] those who, if We give them power in the land, establish prayer and give zakah (alms)".
Hanafi's ratio for this view was based on the notion of maqasid to the extent that the purpose of %akah is to meet the need of the poor and this can also be attained by paying the monetary value of grains and other valuable materials required to be paid as zakah.
Besides zakah or alms giving, traditionally enforced in Islam, an Ahmadi has to pay chanda or monetary donations.
The firms have finalised the scope of work wherein Sedco Capital will outsource the Shari'a audit of its two real estate funds to SRB in order to independently ensure that the investments, Zakah verification, implementation of the modalities and reporting functions are conducted in accordance with the shari'a guidelines set out by Sedco Capital Shari'a Supervisory Board, it said.
They enjoin what is right and forbid what is wrong and establish prayer and give zakah and obey Allah and His Messenger.
It is well-known, understood and accepted that Zakat, third pillar of Islam, extremely important during Ramadan, and mentioned in 82 places in the Holy Quran, and has eight classes of recipients: The masakeen -- the destitute; fuqar -- the needy or poor; amil' Zakah -- the alms collectors; Fi sabi 'Lillah -- in the path of God; gharimun -- people burdened with debt; Ibn as'Sabil -- the wayfarers; riqab -- people in bondage or slavery; Mu'Allaf -- those who have inclined towards Islam.
The Financial obligations imposed on Muslims are Zakat al Fitr -fast-breaking zakah - (levied on persons), Zakat al Mal, and additional financial duties when necessary .
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