Types of Zakat and its conditions 2023

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Types of Zakat and its conditions 2023

There are 6 types of zakat, and we will present them to you in our article on the types and conditions of zakat for 2023, which are:

1. Zakat al-Fitr: It is a charity in the amount of one saa’ of the basic food in the living area of the individual or family, and it is paid at the end of the month of Ramadan before the Eid prayer.
2. Zakat on funds: It is the zakat due on funds that reach the nisab and a full year has passed. The percentage of zakat on these funds is estimated at 2.5% of their value.
3. Zakat on what comes out of the land: It is taken from agricultural grains and fruits, and the percentage of zakat is determined according to the type of grains and fruits.
4. Zakat on cattle: It includes camels, cows, sheep and goats. The percentage of zakat is determined according to the number and type of cattle.
5. Zakat on gold and silver: The percentage of zakat is determined on the pure gold and silver that a person owns after one year has passed on it.
6. Zakat on shares and profits: It is taken from the profits realized from stocks, real estate shares, and digital commodities.

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Conditions for types of zakat

Since each type of zakat has its conditions, we will get acquainted with you in this article about the types and conditions of zakat 2023,

which we have prepared by the CFOONLINE team, the approved financial office in Saudi Arabia, which are as follows:

Conditions for zakat al-fitr:

1. That the Muslim possesses the legal nisab, which is a certain amount of grains, fruits and money, and it is defined as equal to the price of 670 grams of wheat, or its equivalent in money.
2. That the Muslim be free, because a slave is not forbidden to pay zakat al-fitr.
3. The Muslim must be sane, because the minor is not obligated to pay zakat al-fitr.
4. That the Muslim be capable, and by that he means that he has what suffices him and his family in terms of the basic needs

Conditions for zakat money:

1. Around the Nisab: It means that the money you have with you is within the limits of the Nisab specified by Sharia, which is 85 grams of gold or its equivalent in the currencies traded in the market.
2. Two years around: It means that the money belongs to you for a full year in the event that you want to pay zakat on it.
3. Intention: The person must have a sincere intention to pay the zakat on his money, and this must be done with the intention of the legal aspect and the divine reward.
4. Privacy: The money for which you want to pay zakat must belong to you and not to any other party, meaning that the money must belong to you and not belong to any other party in any way.
5. Actionable Degree: Funds subject to zakat must be in a condition that enables you to extract them.

Conditions for zakat on what comes out of the land:

1. That the crops be from sites that are subject to modern cultivation and continuous irrigation, and that production efforts have been directed completely to these crops.
2. That the crops be defined in relation to the benefactor, either that the farmer is the benefactor himself, or that he be appointed by the farmer, or that the crops are located in a specific area in which the benefactor is defined.
3. That the crops are associated with the land and stable in it, and that they are not negotiable and transferable in the markets.
4. That the crops have reached half, which is the level that makes them ready to eat.

Conditions for zakat on livestock:

1. That the money be owned by the person who pays the zakat, i.e. owns the livestock in a legal and non-rented manner.
2. That the livestock be free of debts and loans owed on them, if there are debts and loans, they must be paid before zakat is paid.
3. The size of the livestock should be such that it reaches the legal quorum, which is 5 heads of cattle, which is equivalent to 60 heads of sheep, or 30 heads of cows.
4. That the legal year has passed since its ownership, which is a full lunar year after the purchase of the cattle.
5. That the livestock be free from legal defects, which are defects that prevent them from being used or negatively affect their value.

Conditions for zakat on gold and silver:

1. Ownership of money: The money must belong to the person on whose behalf the zakat is paid.
2. Zakat intention: The person must have an explicit intention to pay zakat on this money.
3. Nisab Limit: Gold and silver must reach the Nisab limit, which is 85 grams of gold or 595 grams of silver, and no zakat should be paid for any amount less than this limit.
4. The passage of the legal year: Zakat must be paid after the legal year has passed on the money, and the legal year is the passage of a full Hijri year since the person owns gold or silver.
5. Zakat percentage: Zakat must be paid at the rate of 2.5% of the value of gold or silver that exceeds the nisab limit after the legal year has passed.

Conditions for zakat on shares and profits:

1. Nisab: The amount of shares and profits owned must reach the nisab, which is an amount determined by Sharia and varies according to different types of property. Shares and dividends have their own quorum, which is determined based on their current market value.
2. Year: A full Hijri year must pass on the ownership of shares and profits, and zakat on them is calculated after the expiry of this period. If the shares are sold before the end of the full Hijri year, no zakat is due on them.
3. Faith and intention: A Muslim must believe that zakat is legally obligatory, and he must intend by it to draw near to God Almighty, not for a profitable purpose.
4. Possibility: A Muslim must be able to pay zakat on shares and dividends, and she must pay zakat when the time comes.

Here are the most important related articles:

_  Zakat calculation in Saudi Arabia 1444 AH

_  Zakat al-Fitr in Saudi Arabia in 2023

_ The amount of zakat al-fitr per kilo for the year 2023

_ Delaying Zakat al-Fitr after the Eid prayer without excuse 1444 AH

Now, let us move to a new topic in our article on the types and conditions of zakat 2023, which is the social and economic impact of zakat on society.

The social and economic impact of zakat in society

Zakat plays an important role in improving the social and economic conditions of society, as it contributes to reducing poverty and unemployment, enhancing social justice,

and motivating spending in social and charitable projects.

From the economic point of view, zakat is an effective tool for distributing wealth in society,

and helps in improving income and spending and thus strengthening the local economy, as it encourages investment in productive projects and promotes economic growth.

The importance of adhering to the conditions of zakat and its impact on society

Zakat is one of the most important reasons that contribute to improving the social and economic situation of societies, for many reasons, including:

1. Alleviating poverty and unemployment: If zakat is applied correctly, it can help alleviate poverty and unemployment in society, as the amounts paid as zakat can be used to provide job opportunities and finance small projects for the poor and needy, which contributes to improving their lives.
2. Improving the economic climate: Zakat can improve the economic climate in a society, if the money paid as zakat is used correctly and effectively.

Zakat in the Modern World: Its Applications and Challenges

With the development of the modern world, the applications of zakat have changed and faced some challenges. Some of these applications and challenges can be summarized as follows:

Applications:

1. The role of the state: The state plays an important role in collecting zakat and distributing it to the needy, through the establishment of special bodies and funds for this purpose, and identifying activities and projects that can be funded according to zakat.
2. Digital Transformation: Many countries have witnessed a digital transformation in collecting zakat and transferring it to the poor and needy. Individuals can pay zakat through smart phone applications and the Internet, which facilitates the process of payment and distribution in a more effective manner.
3. Cooperation between charitable societies: Many charitable societies work to collect zakat and distribute it to the needy, and these societies work to cooperate and coordinate with each other to achieve the best results in collecting and distributing zakat.

Challenges:

• Ignorance and lack of awareness: Many Muslims face challenges in understanding the idea of zakat and its importance, which leads to not finding enough commitment in paying zakat.
• Financial Challenges: Governments and charities can struggle.
• Economic transformation: With the economic transformation in some countries and the transition to advanced economies, the poor and needy classes may differ from before, which makes it difficult to determine who is entitled to zakat.

One of the most common questions

• How is zakat collected and distributed?

Zakat is collected in a number of ways, including:

1. Charities and Islamic institutions specialized in collecting and distributing zakat, and these institutions are accredited by the concerned country.
2. The state itself may collect zakat and distribute it to the needy, and this happens in many Islamic countries.
3. Individual Muslims can collect and distribute zakat themselves, by making direct donations to those in need or by depositing into accounts of approved charitable organizations.

Zakat is distributed to the poor and needy, and the poor and needy are accurately identified.

• What is the ruling on zakat and what are its conditions?

Zakat is the legal obligation that Islam imposes on wealthy Muslims to support the needy, the poor, and the needy in society. Zakat is one of the five pillars of Islam.

As for the conditions of zakat, they are as follows:

1. Intention: A Muslim must intend to pay zakat with the intention of being faithful to God and desiring to deliver it to those who deserve it.
2. One year: The Muslim must have the money allocated for zakat for a full year in the account of the Hijri month. In other words, the money must be earned and not used for personal purposes.
3. Nisab: The total value of money owned by a Muslim must reach the Nisab, which is equivalent to 85 grams of gold or 595 grams of silver.
4. Al-Holan: The zakat of the money pioneered in the trade must be paid, a year after its entry into the trade, and the zakat of the crops after they are harvested.
5. Expenditure: The money paid as zakat should not be spent on the Muslim himself or his family.

• What types of money is zakat not obligatory?

There are several types of money on which zakat is not required, including:

1. Money that did not reach the quorum.
2. The money with which he bought the intention of trading.
3. Money used for essential need.
4. Money invested in productive projects.
5. Stable money in the bank account.

We hope that we have benefited you in this distinguished article that talks about all that is related to the types of zakat and its conditions 2023 in writing and in brief.

Here we invite you to visit our office CFOONLINE is an accredited financial office in Saudi Arabia that provides its consultations for free with the presence of the most important accountants

and specialists in the fields of Zakat and others.

The most important sources:

zatca.gov.sa

ar.wikipedia.org