What is Zakat?

 Zakat:

           Zakat has a fundamental importance in the economic system given by Allah. This is inferred from the fact that in the Qur'an many places have been ordered to pay Zakat along with prayer. If prayer is physical worship, Zakat is financial worship. The meaning of zakat is to purify. A person who pays zakat not only purifies his wealth according to God's order, but also purifies his heart from the consciousness of wealth. And compared to wealth, he gives the love of Allah a place in his heart and sacrifices his wealth on His command.And compared to wealth, he gives the love of Allah a place in his heart and sacrifices his wealth on Allah command. Paying Zakat also reminds him that the wealth he earns is not actually his property but a trust given by Allah. This realization saves him from economic indiscretions and makes all his economic actions subject to divine orders. According to the words of the Holy Prophet (peace and blessings of Allah be upon him), economic matters are an important part of religion. When a person sacrifices a blessing such as wealth on the command of Allah Almighty, then Allah Almighty, appreciating his sacrifice, declares this sacrificed wealth as a debt to himself and Allah promises that this debt of the servant will be increased many times and Will return.

Allah Ta'ala says in the Holy Qur'an:

Surah At-Taghbaan verse 17:

Translation :

If you lend a loan to Allah well, He will double it for you and forgive you, and Allah is Gracious and Forbearing.

Allah Ta'ala has said in another place in the Holy Qur'an:

Surah At-Tawba verse 34:

Translation:

                 And those who hoard gold and silver and do not spend it in the way of Allah, inform them of a painful punishment.

 According to these verses, the payment of Zakat is a means for a person to obtain the blessings of the Hereafter and escape from the punishment of Hell, than which there can be no greater blessing.

Economic benefits:

 (1) Since the efficiency of capital is much higher than that of labor in the usurious economy. Therefore, the working class and the working class become poorer and the capitalist class grabs the wealth of this class in various ways. Thus the economic system is paralyzed. The best solution to this situation is Zakat. Through the system of Zakat, a part of the wealth is diverted from the rich to the poor. Which improves the economic condition of poor people. The Holy Quran describes this fact in these words:

Surah Al-Baqara verse 276.

Translation: 

               Allah abolishes usury and increases charity.

(2) One of the benefits of paying Zakat is that the owner invests his wealth in a profitable business to cover the shortfall caused by Zakat, which increases investment. Because the rate of Zakat is only two and a half percent.Therefore, Sahib Mal pays this amount cheerfully and honestly compared to other types of heavy taxes and invests his capital freely in business, while the tendency to hide capital increases due to the fear of paying heavy taxes. This weakens the country's economy.

Social Benefits:

The status of wealth in society is the same as that of blood in the human body. If all this blood accumulates in the heart (i.e. the rich class), it will paralyze the entire body (i.e. the people) and it will prove harmful to the heart itself. If on the one hand the poor class will suffer from poverty, on the other hand the wealthy class will suffer from moral diseases (for example: indulgence, relaxation and carelessness of the hereafter). Obviously, in such a case, there will be no other relationship between these classes except envy and contempt. Rather, with time, this tension will continue to increase and it will continue to bring colors under one or the other excuse.

In view of all these individual and collective benefits, Hazrat Muhammad Mustafa (peace be upon him) was instructed immediately after the establishment of the Islamic state of Madinah:

It is in the Quran that:

Surah At-Towba verse 103:

Translation: 

                   Receive zakat from their possession so that you purify them (outwardly) and (inwardly) as well.

Problems of Zakat:

 Zakat is obligatory on those who have a certain amount of gold, silver, rupees or trade goods. This particular amount is called Nisab. Syllabus of different items is as follows:

 (1) Gold. Seven and a half pounds. 

(2) Silver. Fifty two and a half pounds.

(3) Rupee money and goods trade. equal to the value of either gold or silver.

Zakat is obligatory on any property at that time. When a full year has passed since it was collected.