Muslim Economics | MCQs

Explanation

• one fifth is the meaning of Khums
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• 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.
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• Usher and Khums are Two kinds of Tax in Islam,
  

Explanation

Bayt al-mal (بيت المال) is an Arabic term that is translated as "House of money" or "House of Wealth." Historically,

it was a financial institution responsible for the administration of taxes in Islamic states, particularly in the early Islamic Caliphate