What is Zaqat (Zakat)?
Zakat is the 3rd pillar of Islam and is the determined share of wealth prescribed by Allah S.W.T. to be distributed to the 8 categories entitled to receive it. Zakat as translated from Arabic means growth, multiplicity, fertility, cleansing, full of baraqah. It is an ibadah in terms of wealth. A symbol of Islamic social justice, Zakat cleanses your soul, purifies and grows your wealth while eradicating poverty.
Zakat in the Quran and Hadith:
"O you who believe! Spend of the good things which you (legally) earned, and of that which We have produced from the earth for you..." (Al-Baqarah: Verse 267)
"(The superstructure of) Islam is raised on five (pillars): to utter an attestation of faith, performance of prayer, payment of Zakat, fast of Ramadan and pilgrimage (to Makkah)." (Narrated by Ibnu Umar R.A.)
Significance of Zakat for the individual:
Purifies and promotes assets.
Develops gratitude for Allah's bounty.
Brings about a sense of peace and well-being.
Significance of Zakat for society:
Minimizes the feeling of envy among those who are less well-to-do.
Provides a religiously-approved method of managing the society's economy and finance.
Makes it possible for part of the wealth of the rich to be distributed among the poor.
4 conditions of Zakat:
The person is a Muslim.
The person has full ownership of the wealth.
Nisab is reached: Nisab is the market value of 86 grams of gold. This is the minimum amount of wealth required before the wealth is subjected to Zakat.
Haul is completed: Possession of the assets for one Hijrah year or 354.5 days.
Labels: Zaqat FAQs