Page 10 - 7-Math-7 Financial Arithmetic

71. .FiQnuanacdiarl AartitihcmEeqticuations eeLLeeaarrnn..PPuunnjjaabb

of worship. Let us discuss them one by one.
• Zakat

Zakat is an Islamic tax ordered by Almighty Allah which is
paid on the wealth which remains with a person for a complete year.
Islam has fixed its rate, that is 2.5%.

Nisab (minimum limit of wealth that attracts liability of Zakat) in
case of gold is 7.5 tolas and in case of silver is 52.5 tolas.

Example 1: Calculate the amount payable as Zakat by Haleem
who saves Rs.949,000 for one year.
Solution:
Total Saving = Rs.949,000
Rate of Zakat = 2.5%
Amount of Zakat = ?
Amount of Zakat = 2.5% of Rs.949,000

=  2.5 × 949,000  rupees
 100 

=  25× 949,000  rupees = Rs. 23,725
 1,000 

Thus, Haleem will pay Rs.23,725 as Zakat.

version 1.1 Example 2: Find the wealth of Ibrahim if he paid Rs.7,500 as
Zakat.
Solution:

2.5% of Ibrahim’s wealth = Rs.7,500

1 % of Ibrahim = Rs. 7,500
2.5

100 % of Ibra=him Rs. 7,500 ×=100 Rs.300,000
2.5

• Ushr
Ushr means one-tenth. It is also an Islamic tax on agricultural

produce. It is paid at the rate of 10% of the produce in case a piece
of land irrigated by natural sources like rain, springs, streams, etc.

10