Zakat......The Third Pillar Of Islam

Zakat
Zakat is the compulsory giving of a set proportion of one's wealth to charity. It is regarded as a type of worship and of self-purification. Zakat is the third Pillar of Islam


"Those who believe and do deeds of righteousness and establish regular prayers and regular charity will have their reward with their Lord: on them shall be no fear nor shall they grieve"...Q 2:277

  • Most of the time Zakat is mentioned joined with prayers, so much so that a companion
  •  of the prophet said, “no prayers are accepted without Zakat.”
  • Zakat is frequently referred to in the Quran and Sunnah as “Sadaqatt” (meaning charity).
  •  One of the most important principles of Islam is that all things belong to God, 
  • and God entrusts that the wealth we have to us, and He prescribed certain rights to be given
  •  to different sources explained below. 
  • If the owner of the wealth is minor or insane, his guardian must pay the Zakat once it is due.
  • The literal meaning of the Zakat is both as purification and growth.
  • We read in Surah Tauba 9:103
    “(O Mohammed) take out of their possessions Sadaqat so that you may cleanse and 
  • purify them thereby, and pray for them….

WHO SHOULD PAY ZAKAT?

Every adult free Muslim person, whose wealth exceeds a certain amount known as Nisab.

In Sharia (Islamic Law) niṣāb is the minimum amount that a Muslim must have before being obliged to zakat. Several hadith have formulas for calculating niṣāb, the most prominent of which declares that No Zakāt is due on wealth until one year passes.

WEALTH SUBJECT TO ZAKAT

The Qur’an stipulates that all wealth is subject to Zakat. Some kinds were specifically mentioned therein. 9:35 , 2:267, and 6:141.
  • Gold and Silver (bank note and equivalent)
    On the day when heat will be produced out of that (wealth) in the fire of hell and with it will
  •  be branded their foreheads, their flanks and their backs “this is the (treasure) which ye buried
  •  for yourselves: taste ye then the (treasures) ye buried!” Q 9:3

  • ZAKAT ON MONEY
  • There is unanimity among the companions and the jurists that both silver and gold,
  •  being the only currency at that time, are subject to Zakat.
  • The rate is 2.5%. Nowadays, we have paper and non-silver, non-gold coin, 
  • but that is our currency and we should pay Zakat on such currency. 
  • The cash balance of money plus its proceeds is subject to 2.5% per annum. 
  • Such tax on money is to encourage people to invest it and to help the welfare of the community 
  • and not to hoard the money. Read verse 9:34 below.
  • But, as for all who lay up treasures of gold and silver and do not spend them for the sake of God,
  •  give them the tiding of grievous suffering (in the life to come).


Invested capitals are any wealth designated to an economic activity, which yields a return to the investor. Such investment falls in several wide categories:

Cash investment
Entrusting cash money to others for a period of time against a certain return. The money is secured and the owner has access to it all the time. Such money is subject to 2.5% on the capital plus the yield.
Risk Investment
The money is used in a productive process, which is expected to yield a profit. The modern “fiqh” considers the investment in industry and development analogous to agricultural investment and the yield should be subject to 10% if it exceeds the Nisab, and after deducting all expenses, including depreciation, dead debts and obsolescence.
Zakat of earned income All salaried people and professionals; doctors and contractors and alike should calculate there total income per year and after deducting the Nisab should pay 2.5% on the balance.
Zakat of minerals Mining is an activity that entails risk. It will be dealt with as industry and will be liable for Zakat for the net income at 10%.
Zakat of treasures (Rikaz) The meaning here is any wealth fortuitously found under or above the surface of the earth. The finder is not supposed to be taking any risk nor having any significant cost. Such wealth is zakatable at 20%.





Credit:icgt.org

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