Zakat (Tax): Difference between revisions

'''Zakāt''' (زكاة) is one of the [[Five Pillars of Islam]]. According to traditional Islamic sources it is a [[fard]] (obligatory) tax<ref name="EBZT">{{cite web|url= http://www.britannica.com/EBchecked/topic/655448/zakat|title= zakat (Islamic tax)|publisher= Encyclopedia Britannica|author= |date= accessed November 16, 2013|archiveurl= http://www.webcitation.org/query?url=http%3A%2F%2Fwww.britannica.com%2FEBchecked%2Ftopic%2F655448%2Fzakat&date=2013-11-15|deadurl=no}}</ref> required of Muslims, amounting to about 2.5% of one's wealth over the course of a year. [[Slavery|Slaves]] and horses owned by Muslims are exempt from this taxation.<ref>"''Narrated Abu Huraira: Allah's Apostle said, "There is no Zakat either on a horse or a slave belonging to a Muslim"''" - {{Bukhari|2|24|542}}</ref><ref>"''Narrated Abu Huraira :- The Prophet said,"There is no Zakat either on a slave or on a horse belonging to a Muslim.''" - {{Bukhari|2|24|543}}</ref>