Zakat
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The last three pillars of Islam are zakat, hajj and the fast of Ramadan. We explained Ramadan on day one of our prayer series so today we will examine zakat. Zakat (almsgiving) is one of the five pillars of Islam and therefore required for all Muslims. Zakat is the systematic giving of 2.5% of one’s…
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Zakat (almsgiving) is one of the five pillars of Islam and therefore required for all Muslims. Zakat is the systematic giving of 2.5% of one’s wealth each year to benefit the poor. Zakat is based off the “wealth” of a Muslim, not income. For instance the Zakat calculator for the Zakat Foundation of America helps…
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The American International Group better known as AIG is a massive insurance company that was considered “too big to fail” during the 2008 U.S. Financial Crisis. The U.S. government decided that if AIG declared bankruptcy, it would trigger the bankruptcy of many other financial institutions that had conducted business with the insurance giant. Beginning in…
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