Zakat is considered the third pillar of Islam, which means paying some particular part of your wealth to those eligible for receiving it according to a fixed ratio. The Holy Quran and the Hadith clearly define the ratio of Zakat, its obligators and its acceptors. However, Muslims occasionally distribute some amount in poor on their own choice to earn virtue. But, distribution of Zakat is not occasional; rather, it is paid after one year of possession the specific amount of wealth whether in the form of Gold, Cash, Silver, or other property.
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Nisab for Zakat
However, for paying Zakat, you must possess the Nisab. Nisab is that amount which makes you obligatory of paying the amount of Zakat. Furthermore, Nisab is different for a gold standard and so for a silver standard. According to the gold standard, those with 87.48 grams of gold or its equal amount in cash are obliged to pay Zakat. Similarly, according to the silver standard, those with 612.36 grams of silver or an equal amount in cash are entitled to pay Zakat to its acceptors. For paying Zakat, it is also essential that you are Muslim and mature.
What is the ratio of Zakat?
The ratio of Zakat is 2.5%. It means that after passing one year on your wealth equal to Nisab or greater than Nisab, you will have to pay 2.5% of the whole wealth. However, if during the period, the amount of wealth decreases from the fixed Nisab, then you are not to pay Zakat that year. But, if the next year, if again you become the owner of the wealth equal to Nisab or greater than Nisab, then you must pay Zakat.
Who are the receivers of Zakat?
Eight people can receive the amount of Zakat. After you become entitled to paying Zakat, now it is necessary to find those to whom you should pay Zakat. However, you cannot pay it according to your likes and dislikes.
- Poor people who have no proper income sources and are living from hand to mouth
- Those who are desperate and intensely in need of money.
- To those who are newly converted to Islam to attract their hearts to Islam.
- To slaves to set them free
- To those who are deadly tied under the burden of debts
- In the name of Allah to the deserving people
- To travellers who have meagre resources
- To Zakat administrators
Paying Zakat to these people are instructed in the Holy Quran and Hadith. Though if you want to benefit someone who is not from any category of the above, you can; that will not be counted as paying Zakat; it will be your voluntary charity.
Importance of Zakat
Zakat purifies your wealth just like ablution purifies your body, and Fasting does your soul. Paying the amount of Zakat reminds us of the oneness of Allah and His superiority that all we have, our lives, our wealth, and our soul belong to Him.
Paying Zakat demolished the threats to the poor people in a society. It develops the spirit of compassion in the rich and creates the loftiness of Islam in the poor. The importance of Zakat is clearly determined from the following paragraph.
Zakat and Quran
Allah SWT many times in the Holy Quran instruct us in these verses to pay Zakat: “And establish prayer and give Zakat, and whatever good you put forward for yourselves – you will find it with Allah.” [2:110]. Says in another verse: “Of their goods, take zakat, so that you might purify and sanctify them.” [9:103]
We, being Muslims, must submit our soul and body to the commandments of Allah SWT and Hazrat Mohammad SAW to stand pridefully on the day of Judgment. To enlighten the path of our Muslim brothers and sisters, we provide our best services in the presence of national and international scholars. We also offer language classes of learning Arabic, Urdu, Pashto, and English.
Muhammad Junaid is a senior Analyst and Search Engine Expert. Extensive experience being a lead writer in Quran Courses. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.