Khums is an Arabic term that refers to the Islamic tax imposed on certain categories of wealth, which is considered as a form of charity and one of the Five Pillars of Islam. It is an obligation for adult, financially able Shia Muslims. Khums is typically calculated as 20% of the wealth earned or acquired in a given year, and it is typically paid once a year on the Islamic lunar month of Muharram.
Khums is divided into two parts, one-fifth of it is allocated to the Islamic religious institutions, known as “Sadaqah al-Fitr” which used to support the poor, orphans, widows, and other individuals or groups in need. The remaining four-fifths are allocated to the descendants of the Prophet Muhammad, known as the “Sayyids”, who are considered to be the spiritual leaders of the community and are responsible for the distribution of the funds to those in need.
Khums is not only a financial obligation but also a moral one, it is believed that it is a way to purify one’s wealth and help to alleviate poverty in the community, and also considered as a form of worship. Muslims are encouraged to give not only their wealth but also their time and energy to help others. Giving in secret is also considered to be more virtuous than giving in public, and the ultimate goal is to help the poor and needy, rather than seeking praise or recognition for oneself.
Khums is also considered as a way to seek the forgiveness and blessings of God, Muslims believe that by fulfilling this religious duty, they are also helping to fulfill the will of God and earning reward in the afterlife. Muslims are encouraged to pay Khums regularly and not just during certain times or occasions, as it is a continuous act of worship and devotion. However, it’s worth mentioning that Khums is only applicable to Shia Muslims, and it’s not a general rule for all Muslims.
Paying Khums with bitcoin typically involves the following steps:
Acquire bitcoin: The first step is to acquire bitcoin. This can be done by purchasing bitcoin through a cryptocurrency exchange, or by receiving bitcoin as payment for goods or services.
Send the bitcoin: Once you have acquired bitcoin and chosen an institution to donate to, you can send the bitcoin to the institution’s digital wallet address. It’s important to double-check the address before sending the funds to avoid any mistakes.
Keep records: It’s important to keep records of the transaction, including the date, the amount of bitcoin sent, and the institution’s digital wallet address. This will be needed for the purpose of transparency and accountability.
