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: