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"Take
a charity from their wealth in order to purify and sanctify
them" [Quran] |
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IICO
distributes Zakat in Kuwait and abroad
according
to the wishes of the donors |
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What is
Zakat?
● Zakat
generally is defined as the portion of a one's wealth,
which is designated for the poor.
● Zakat
is derived from the Arabic root "Zaka" which means "to
grow", "to purify", and "to bless'.
● Accordingly,
the act of giving zakat means purifying one's wealth to
gain God's blessing in order to grow in righteousness.
● Zakat
is calculated as 2.5% of one's valuables and savings held
for a full lunar year if their total value is more than a
basic minimum known as Nisaab.
● Zakat
is also applicable in a varying rates on livestock,
agricultural produce and mining. |
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Remarks |
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Intention
(Niyyah):
Zakat is a religious
duty and an act of obedience to God; it must be given with
a clear intention (Niyyah) that the payment being made is
the Zakat, in order for the obligation to be properly
fulfilled.
Time of
paying Zakat:
Time of paying Zakat
Zakat must be paid on the day that its due (at the
end of the lunar year ) or
before it. Failing to pay one's Zakat as it is due is
considered a refusal to submit to the wishes of
God. |
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Click here to download
Zakat ruling
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How to give your Zakat to
IICO? |
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Customers
of Kuwait Financial House can pay their
Zakah online
safely.
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You
may kindly deposit your Zakat and charities in
Kuwait Finance House accounts
as follows: |
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Charity Type |
Account No. |
Zakat |
19/5 (Headquarters) |
General Charities |
23/3
(Headquarters) |
General Charities in
US $ |
20031/3 |
Zakat in US dollar |
20032/1 |
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Generous donors
in Kuwait can kindly contact IICO headquarters at the working hours
to pay their Zakah: |
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Connect
IICO |
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Phone |
5387647 - 5387648
5387650 -
5387649 |
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Hot
line
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808300
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Fax
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5397704 |
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Representative |
9288181
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Legislative
Information |
9781766 |
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Information |
5387650 |
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You can
kindly contact IICO offices and branches
in Kuwait and outside Kuwait to give
your Zakat |
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Visit
IICO in Kuwait to estimate the Zakat of
your gold |
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How
can you pay your Donations to IICO? |
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How to Calculate
your Zakat of money? |
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● The Nisaab is 85 grams of
gold which is currently equivalent to k.d 340, L740, or
$1150, or the comparable amount in any other currency.
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The broad categories of
zakatable assets are listed in the table below as well as
a space for the entry of any liabilities.
1) To calculate your
Zakatable Total
add the values of the zakatable assets you own,
then subtract the values of your immediate debts (overdraft, credit card, etc., but not mortgage).
2) If your
Zakatable Total
is equal to or exceeds the value of Nisaab, and is held for a full lunar year, then
you must pay Zakat.
3)
Zakat
Amount is 2.5%
of
Zakatable
Total
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Calculating Zakat |
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Assets
and Liabilities |
Value |
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Cash at home |
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Balance held in bank accounts |
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Resale value of shares |
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Merchandise stock in trade |
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Gold and silver (current value) |
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Value of (or equity in) property held as
investment |
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Total of Zakatable assets |
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Deduct liabilities (debts etc) |
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Zakatable Total |
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Zakat Amount
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