Time flies… Now, we are moving to the third week of Ramadan.
Alhamdulillah… For the past 1 week, I have a flurry of clients, asking me on the existing cash values of their insurance policies.
My clients need to know the cash value of their insurance policies so that they can calculate collectively, how much zakat to pay for the year.
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Zakat which literally means purification is the 3rd Pillar Of Islam.
Allah (S.W.T) has made Zakat compulsory on all Muslims. It is a religious obligation for all Muslims who meet the necessary criteria of wealth.
Here, to give Zakat implies purifying your wealth and soul by giving a portion of your wealth to those in need. The word Zakat appears in the Holy Quran a total of 32 times.
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There are 2 types of Zakat.
1) Zakat ......