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Glossary Of Islamic Banking Terminology- Z -
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Zakah / Zakat
compulsories levy on every Muslim who has wealth greater than the amount of Nisab. The amount payable by a Muslim on his net worth as a part of his religious obligations, mainly for the benefit of the poor and the needy. See also ushr.

Zakah al-Fitr
A small obligatory head-tax imposed on every    Muslim who has the means for himself and his dependants. It is  paid once yearly at the end of Ramadan before Eid al-Fitr.

Zakah Al-Mal
The Muslims wealth tax: One must pay 2.5% of  ones yearly savings above a certain amount to the poor and needy  Muslims. The Zakah is compulsory on all Muslims who have saved(at least) the equivalent of 85g of 24 carat gold at the time when the   annual Zakah payment is due.

Zakatul Huboob
Zakah of grain/corn.

Zakatul Madan
Zakah of minerals.

Zakatur Rikaaz
Zakah of treasure/precious stones.

Zakatu-rid Tijaarah
Zakah of profits of merchandise.

Zar
seed; crop to be sown.

Zhulm
A comprehensive term used to refer to all forms of inequity, injustice, exploitation, oppression and wrongdoing whereby a person either deprives others of their rights or does not fulfil his obligations towards them.

Zimmah
equivalent of legal personality in positive law; receptacle for the capacity for acquisition; see ahd.

 

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