WHAT IS ZAKAT?
Zakat, as translated from Arabic means growth, multiplicity, or increase. The word ‘Zakat’ also carries the meanings of fertility, purification, and full of blessings (baraqah).
The foundation of Islam is held up by the five pillars, and Zakat forms the third pillar. It refers to the determined share of wealth prescribed by Allah s.w.t, to be distributed to the eight groups of beneficiaries (asnaf). It is a form of worship (ibadah) in terms of wealth.
A symbol of Islamic social justice, Zakat cleanses your soul, purifies/grows your wealth, and is a socioreligious tool to help eradicate poverty in a community or society. Zakat is also a spiritual bridge and connection to Allah s.w.t – to purify your wealth for the will of Allah and to His cause is to acknowledge that everything one owns belongs to Him, and it is for Him that we strive to end poverty.
Ustaz Izal Mustafa Kamar from the Office of the Mufti (OOM) shares on the fundamental principles of Zakat including the concepts of Nisab and Haul and the basics of Zakat calculations for the different types of Zakat i.e. Savings account
CONDITIONS FOR FULFILLING ZAKAT
ZAKAT vs SADAQAH
SIGNIFICANCE OF ZAKAT
Zakat is often mistaken as a form of religious tax and a financial transaction. However, Zakat is in fact a religious obligation for all abled and privileged Muslims to redistribute and share their wealth and blessings with the underprivileged in the community.
More importantly, Zakat serves as nourishment for one’s soul and purify it from undesirable traits and characteristics such as miserliness.
Zakat has numerous benefits for the individual and for society. One of the primary purposes of Zakat is to purify and grow one’s wealth.
SIGNIFICANCE OF ZAKAT
Besides the benefits for one’s the self, Zakat also elevates society. Zakat seeks to build a more equitable society and uphold social justice. It also neutralises the excessive love for material possessions and gains.
As a commandment from Allah s.w.t, Zakat is also an expression of one’s love, obedience, and submission to the Almighty. By fulfilling Zakat, one is expressing gratitude and contentment for His blessings. This brings serenity and a sense of peace to one’s self.
It is the institution of Zakat that Billing Information income disparity and social inequality in society. Thus, Zakat brings society a step closer towards the equality of wealth, and assists those who may have fallen through the cracks.