” If you made a donation without intending zakat, but later learned it was zakat eligible, can it count toward zakat? @FarazRabbani @hwmaqbul @joewbradford. Guessing Hanafis/Shafis split like do you have wudu if you accidentally fall in a pool without intention.”
You can give all of your zakat to one person as long as he/she is eligible. You may also divide up your zakat and pay it to several people, as long as they are eligible under one of the eight categories.
Let’s look at the issues at hand above based on the two questions presented:
How much Zakat is paid on business partnerships and investments?
Is my retirement account (such as 401k, IRA, or similar) liable for Zakat?
There is general agreement that Zakat is not to be given to anyone who is fighting against Islam and Muslims; this is a point that does not need much elaboration. As for others who are non-combatant, and do not show enmity towards Islam and Muslims then medieval scholars differed as to whether such a person can be given Zakat.
Who has to pay Zakat?
Zakat is due on the wealth of any Muslim, young or old, male or female, that is held in savings for one calendar year and is more than the Nisab.
You may not have a 401k plan or an IRA, but instead a more traditional pension. If this is the case, you are not alone, and like many other people are asking yourself:
Do I have to pay Zakat on my pension or retirement plans?
Zakat is due on ANY surplus wealth. It must be more than the Nisab and is in your possession after one year passes. This includes: Savings accounts,
Retirement funds and similar are something many people ask about it.
Let’s look at the issues at hand above based on the two questions presented
How much Zakat is paid on business partnerships and investments?
Islamic Economics is a topic of great interest nowadays. Sometime ago an article appeared in the LA times, asking the question “Will capitalism fall victim to its own success?“
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