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Islamic Credit Cards
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Glossary

Zakat

The compulsory annual charity payment Muslims make on wealth they have held for a year.

زكاةzakāh

Zakat is one of the five pillars of Islam, an obligatory payment on qualifying wealth above a threshold. AAOIFI devotes Shariah Standard No. 35 to it. Its relevance to cards is indirect but real: card debt is a liability, and how debt is treated in calculating zakat is a question many cardholders have. That calculation is outside the scope of this research file and should be answered from a zakat-specific source rather than inferred.

Related terms

SadaqahVoluntary charity, given whenever you choose and in any amount.DaynA debt: money you owe to somebody.

Sources

  • AAOIFI Shariah Standard No. (35)

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