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A new methodology to compute zakat is getting popular. It argues for a discount of 70% over the zakat on shares.

This year, the methodology has been adopted by the North American Fiqh Council and the Shariyah review board.

Now apps like Zoya Finance, Wahed Invest and Launchgood are all suggesting 'services' to compute zakat based on that methodology.

That methodology is not only wrong, it will harm the weakest and chop off muslim charitable contributions at a much needed time. I wrote a letter to the authors here on why the 70% discount is not only incorrect, it is against the spirit of zakat as it favors the wealthiest:

https://blossom.primal.net/5086a8363dddd48e6bb35670bbd54e30d8a90a2a49591aa6b1ed6e42f2e3078e.pdf

I NEED HELP!

Please take the time to read the letter. If you agree this is wrong, I need help to reach into the authors of this methodology. If you have a blue check on twitter, or have a contact there - please contact me so I can make sure the letter reach into them.

Jazakallah ou kheyr

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Discussion

ابو مريم 2w ago

These fiqh councils honestly need to be boycotted. NAFC, FCNA, AMJA… the whole lot are compromized. Have been since the 70s at least.

Muslim Bitcoiner 2w ago

And they're just going to be increasingly irrelevant going into the future most likely

Dey Ex Machina 2w ago

unfortunately, i don’t know if they are losing influence, because popular apps like zoya, wahed or launchgood are pegging their zakat calculators to them. My main contention is when an interpretation of a rule leads to removing life saving contributions away from people who by definition, will be refugees, orphans, people in severe need, etc. The wealthiest people, including for muslims, own most of their wealth in stocks. cutting their zakat by 70% will have devastating impacts. I really hope the spread of this methodology stops right then and there.

ابو مريم 2w ago

unfortunately the value proposition for these "sharia compliant" finance apps is making/saving money for shareholders so any minority opinion that is in their favor is likely to get wide appeal regardless

ابو مريم 2w ago

idk about irrelevant. controversial, yes

Dey Ex Machina 2w ago

this is the tweet. please share - i'm having a lot of trouble getting the message across. It's a pillar of islam, we need to preserve it. And this directly impact the most vulnerable people.

https://x.com/DeyExMachina/status/2002579043666047098