May2020

Zakat in Cryptocurrency: Donate Beldex This Ramadan

Islam holds social responsibility in high regard. As such, it is obligatory in Islam for the wealthy to give alms to the poor. Zakat al-Fitr is one of the five pillars of Islam (the third pillar) and a practice of social justice. It is an annual process where the wealthy share 2.5% of their wealth with the poor and the needy. Zakat is paid at the conclusion of the holy month of Ramadan, each lunar year. It is an obligatory donation by anyone who has more wealth than the minimum cut-off called Nisab. Nisab is calculated in terms of gold