Islamic Finance | MCQs

Explanation

Zakat comes in two types

1.       Zakat Al-Mal

2.       Zakat Al-Fitr 

A related question about Zakat

Zakat is the 3rd fundamental pillar of Islam.

Zakat was made compulsory in 2 A.H but its complete system was imposed in the year of 8th hijrah.

Hazrat Abu Bakar (R.A) said that there was no difference between Salat and Zakat.

The word Zakat occurs 32 times in the Holy Quran.

The verbal meaning of Zakat is to Purification

The literal meaning of Zakat is to increase, technical meaning is purification.

Explanation

پاکستان میں پہلی مرتبہ زکوات کا نظام جنرل ضیاء الحق کے دور حکومت میں 1980 میں ہوا۔

Explanation

The Chairman and member of districts and zakat committee shall cease to hold office if it is proved in an inquiry held by provincial council that the district committee Has a majority of members who are not pious Muslims or who are engaged in political activity  

Explanation

The amount of zakat paid on capital assets (e.g. money) and stock-in-trade and jewelry is customarily 2.5% 

How many camels render are to par Zakat? 5

How many goats render are to pay zakat? 40

How many sheep render are to pay zakat? 40

Zakat is payable on gold of_________7.5 tolas

Zakat is payable on silver of_______52.5 tolas

Explanation

• one fifth is the meaning of Khums
• **
• In Islam, KHUMS خمس refers to the required religious obligation of any Muslim to pay one-fifth of their acquired wealth from certain sources toward specified causes.
• Khums is different and separate from other Islamic taxes such as zakat and jizya.
• **
• Usher and Khums are Two kinds of Tax in Islam,
  

Explanation

Bayt al-mal in Arabic term can be translated as “House of Money” or “House of Wealth.”

The Bayt al-Mal was formally established during the second Caliph, Umar al-Khattab

Hazrat Umar appointed Abdullah Bin Masud as custodian of Bait Ul Mal

while 

Pakistan Bait-ul-Mal (PBM), is an autonomous body set up through the 1991 Act.

ND11-2-2023

Explanation

No ushr is paid  is paid when crop is destroyed in disaster 

Crop destruction is the deliberate destruction of crops or agricultural products to render it useless for consumption or processing.

It can be made by burning, grinding, dumping into water, or application of chemicals.

Explanation

Ushr shall be collected in cash, except in case of wheat or paddy, for which, Ushr, at the option of the Council, may be collected in kind.

Explanation

The zakat year begins on the date on which you were first in possession of wealth above the nisab

Explanation

 In clause of section 2 of Zakat and Usher Ordinance, 1980 Taluqa committee

means A committee at Thana level constituted under section 17