ZAQAT

"Of their goods take alms, that so thou might purify and sanctify them; and pray on their behalf,
verily thy prayers are a source of security for them."
[Quran: Chapter 9:103]

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Tuesday, September 15, 2009

What is Zaqat (Zakat)?

About Zaqat

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.

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1 Comments:

Blogger Faisal Bashir said...

Most of us would be afraid not to fast during Ramadhan, but how many would not pay zakat? Out of the 5 pillars, zakat is the least understood pillar.
zakat calculator

June 18, 2013 at 2:57 AM  

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