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Zakat on jewellery
Scholars agree that Zakat is due on jewelry kept as savings. But they differ in their view on jewelry kept for permissible use. As a conclusion, zakat is not due on usable jewelry if it is within reasonable limits.
Zakat on gold and silver
Zakat must be paid on gold and silver. An amount of 2.5 percent is required to be paid but there are some conditions that should be met like; ownership of the threshold, full ownership and the turn of a year.
Economic benefits of zakat
Zakat has a huge positive economic effect on the society. It helps solving poor and needy problems. It plays a significant role in wealth and resources redistribution and encourages better productivity.
Social effects of zakat
Zakat has numerous social effects. It erases zakat payer sins, purifies his heart from any greed and removes any traces of miserliness. It also spreads a spirit of mutual care and love within the Muslim community.
Properties liable to zakat
Zakat is paid on 5 types of properties; cattle, gold and silver, commercial goods, grains and fruits and mineral resources. Each has its conditions. Those who neglect paying it are promised a painful suffering.
Withholding zakat
Withholding zakat is a grave sin but it does not mean that the person is an unbeliever. They are liable to punishment and zakat could be taken from them by force until they submit to God’s commands.
Denying zakat
If a Muslim denies zakat and he is fully aware of Islamic rules and has access to scholars he is considered as an apostate. Only those who are new to Islam or have valid reason are not deemed to be unbelievers.
Zakat
Zakat is one of the 5 pillars of Islam. It is a charity duty imposed on a certain threshold of excess money and paid to the poor. It is the most important pillar after testifying that there is no deity than God and prayer.