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.

Wealth inequalities are mostly driven by a class of investors that were able to accumulate capital in the form of shares. Zakat offers a virtuous mechanism to transfer some that wealth into the most vulnerable part of the society. A new methodology introduced in 2015, provides the wealthiest with a 70% haircut over their charitable contributions on shares. This year, it was adopted by the North American Fiqh Council, the Shariyah Review Bureau and was added in the official calculators of the popular app LaunchGood, Zoya Finance and Wahed Invest. If it continues to grow in influence, it will significantly impact charitable contributions for the most vulnerable, at a time of massive refugee crisis in muslim countries, and for a foreseeable future. In the attached letter, I show why the methodology is incorrect. I have so far not been able to reach out to the authors or the apps pushing it (my reach is very low). Please consider sharing the open letter as much as you can. And may Allah accept your action as a ceaseless charity. The Prophet Muhammad (SAW) said: "When a man dies, his deeds come to an end except for three things: Sadaqah Jariyah (ceaseless charity); a knowledge which is beneficial, or a virtuous descendant who prays for him (for the deceased)." (Muslim) https://yakihonne.com/article/s/[email protected]/0tgPnMnDpaZc0m-cKr7Wn

thank you brother. when you get a chance, can you add me to the list of muslims on following._space? jzk

full open letter to the north american fiqh council.

thanks!

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

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

Hello World Thanks for the tip