Zakat is one of the pillars of Islam. The word zakat occurs several times in the Quran and with the exception of a few verses, it is always mentioned with salat. Zakat is an act of worship performed by giving away a portion of one’s wealth for the benefit of the poor.
The Holy Prophet Sallallahu Alaihi Wasallam described zakat as wealth taken from the rich and given to the poor and the needy. The literal meaning of the word zakat is to purify. This explains its importance as an obligatory payment to be made by rich Muslims to the needy and the poor so that the wealth as well as the heart of the giver are purified.
It provides economic security to the poor. It also prevents the accumulation of wealth in a few hands. The Holy Quran contains several warnings for those who do not pay zakat. There are also many warnings of the Holy Prophet Sallallahu Alaihi Wasallam to those who do not pay zakat and the punishment of the Hereafter. Zakat was made compulsory at Makkah at the same time as salat. However, the rate and distribution was laid down at Madinah in the second year of Hijrat.
Zakat is payable at the rate of 2 1/2% on cash, gold and silver. It is also to be paid on jewelry, crops, animals, minerals, and trade goods. This rate is called Nisab. It is to be paid only once a year. According to a verse of the Holy Quran (9:60) zakat is to be paid to the following people:
- Poor and needy.
- People appointed to collect zakat.
- Newly converted Muslims.
- Slaves who have an agreement with their masters to purchase their freedom
- People who have to fulfill an obligation.
- Travellers.
Zakat cannot be given to one’s parents or one’s children or non-Muslims.
Zakat in islam.