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Do Muslims give away 2.5 percent of their income or their savings?
Wiki User
∙ 12y ago
Yes every Muslim must pay Zakah every year , this Zahah is 2.5 of your money if your money increases to certain value , try to think what will happens if every person try to save his money , the economics of this country will be destroyed
because the selling and buying process will be semi stop and this country will have alot of money without any product ,
and also it decreases the greed .
Wiki User
∙ 12y ago
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What are savings rates?
Savings rate is the amount of money saved divided by disposable income. The savings rate is expressed as a percentage. Saved meaning money put away and not spent.
Is giving away a fixed portion of income an obligation for Muslims?
In the name of Allah Almighty, the most Merciful, most Beneficent. Yes, giving away a fixed portion of SAVINGS from income is an obligation for the Muslims. But obligation is not for the poor. Only the rich who keep a certain amount of gold or silver, or currency kept safe for ONE year must give away 2.5% of that saved amount. The amount should be given to the poor relative, poor neighbours, orphans, travellers, and the needy. It should be kept in mind that the Muslim can give away this amount himself to the deserving Muslims. This amount is called ZAKAT.
What is the word used for giving away some savings for good purposes for Muslims?
zakat - giving charity to the poor approx 2% of your yearly salary
What is your family's total disposable income?
The amount that you have left after all of your taxes, bills, savings and all other necessary living expenses are paid or taken care of. If you do happen to have any disposable income after that then you should consider adding some of the amount to your savings for future use when you will not have any disposable income available to you. Amounts that you do NOT need at this time that you can give away to someone that may need it or throw the amount away what ever you choose to do with any disposable income that you might have.
What is a disposable personal income?
The amount that you have left after all of your taxes, bills, savings and all other necessary living expenses are paid or taken care of. If you do happen to have any disposable income after that then you should consider adding some of the amount to your savings for future use when you will not have any disposable income available to you. Amounts that you do NOT need at this time that you can give away to someone that may need it or throw the amount away what ever you choose to do with any disposable income that you might have.
What is personal disposable incom?
The amount that you have left after all of your taxes, bills, savings and all other necessary living expenses are paid or taken care of. If you do happen to have any disposable income after that then you should consider adding some of the amount to your savings for future use when you will not have any disposable income available to you. Amounts that you do NOT need at this time that you can give away to someone that may need it or throw the amount away what ever you choose to do with any disposable income that you might have.
Retirement Income?
Retirement Income Use this calculator to determine how much monthly income your retirement savings may provide you in your retirement. Your annual savings, expected rate of return and your current age all have an impact on your retirement's monthly income. View the full report to see a year-by-year break down of your retirement savings.
Differentiate between personal income and disposable income?
Personal income all of the income that you call your own, And disposable income would be any amount that YOU MAY HAVE LEFT AFTER contributing to your savings and retirement plans and paying all of your taxes, bills, debts, living, transportation and all other necessary expenses that you may have and owe. Any amount of your personal income THAT YOU HAVE LEFT AFTER THAT would be disposable income that you could give away, throw away or waste for unneeded expense that you want but do not need.
Why Muslims are away from Islam?
Satan is working.
Why does a savings account make a better investment than a checking count?
This way the money that you put into the bank account will be saved rather than given away.
Who led the 4 crusades?
Christians and Muslims. Christians wanted to take the holy land away from the Muslims.
What is the difference between saving and savings?
Saving is puting money or goods away for future use, savings are the goods or money that have been collected.
