Abdul Muqit Chowdhury :
Zakat is one of the five Rukuns (pillars) of Islam. One of the fundamentals of Islamic economy is the payment of Zakat. It is a yearly compulsory obligation of the wealthy persons – free, adult and sane – to pay a portion of wealth
2.50 per cent on savings once in a year of the rich to the poor, as ordained in the Holy Quran. It is a means to narrow the gap between the rich and the poor with the target to eliminate poverty. It ensures economic security in the society and solvency of the needy people through fair distribution of wealth. Zakat was recognised as an institution in the 9th Hijri.
It is payable on our produces, and on our gold and silver, when it is more than 7.50 tollas and 52.50 tollas respectively and also on other assets. The following are the categories of acquired property subject to Zakat : gold and silver, jewellery, cash, cows, bulls, goats, buffaloes, sheep, camels, articles of merchandise and produces of the earth.
The Holy Quran reveals the heads for whom Zakat is due: “Alms are for the poor/And the needy, and those/Employed to administer (the funds) ; /For those whose hearts/Have been (recently) reconciled/ (To Truth) ; for those in bondage/And in debt ; in the cause/Of God ; and for the wayfarer:/(Thus is it) ordained by God,/And God is full of knowledge/And wisdom.” (Sura Tawbah 9:60, The Holy Quran : Translation and Commentary by A. Yusuf Ali)
As Zakat (legal alms) is an annual obligation, it is preferable to pay the due in the Holy month of Ramzan, when the merit of an obligatory virtue is multiplied by 70 times. In addition to that, this preference of this best period has the basis of the Tradition of the Holy Messenger, who preferred more and more charitable activities in this month.
Islamic economic system proclaims the ‘right’ of the poor and the destitute in the wealth of the rich persons. Al Quran proclaims : “And those in whose wealth/ Is a recognised right/ For the (needy) who asks/ And him who is prevented/ (For some reason from asking) ;” (Sura Ma’arij 70 : 24-25)
Allama Yusuf Ali comments in this context : “True charity consists in finding out those in real need, whether they ask or not …..But the man with wealth or talent or opportunity has the further responsibility of searching out those in need of his assistance, in order to show that he holds all gifts in trust for the service of his fellow- creatures.”
The Holy Quran reveals : “….In order that it may not/ (Merely) make a circuit /Between the wealthy among you…”. (Sura Hashor 59:7) So, charity or alms is not a kindness or simple charity, but it is a ‘right’ of the needy, poor and the destitute, so that the circulation of wealth among all is ensured, not being limited and confined within the hands of a few in the society.
This economic concept is the basis of Zakat (legal alms), a basic fundamental of Islam to create a society based on equity and justice. Zakat means ‘to purify’ or ‘cleanse’. ‘Zakat’ ‘purifies,’ and ‘sanctifies’ wealth.
The Holy Quran reveals : “Of their goods take alms,/ That so thou mightiest/ Purify and sanctify them……” (Sura Tawbah 9:103) Zakat has also the meaning ‘to increase’.
The Holy Quran reveals on Salat and Zakat: “….And establish regular prayer/ And give regular Charity;/ And loan to God / A Beautiful Loan.” (Sura Muzzammil 73:20) Allama Yusuf Ali comments on ‘Beautiful Loan’ : “The ‘Beautiful Loan’ should be that of our own souls. We should expect no returns in kind, for that is not possible. But, the reward we shall find with God will be infinitely greater and nobler….”
Zakat is one of the five Rukuns (pillars) of Islam. One of the fundamentals of Islamic economy is the payment of Zakat. It is a yearly compulsory obligation of the wealthy persons – free, adult and sane – to pay a portion of wealth
2.50 per cent on savings once in a year of the rich to the poor, as ordained in the Holy Quran. It is a means to narrow the gap between the rich and the poor with the target to eliminate poverty. It ensures economic security in the society and solvency of the needy people through fair distribution of wealth. Zakat was recognised as an institution in the 9th Hijri.
It is payable on our produces, and on our gold and silver, when it is more than 7.50 tollas and 52.50 tollas respectively and also on other assets. The following are the categories of acquired property subject to Zakat : gold and silver, jewellery, cash, cows, bulls, goats, buffaloes, sheep, camels, articles of merchandise and produces of the earth.
The Holy Quran reveals the heads for whom Zakat is due: “Alms are for the poor/And the needy, and those/Employed to administer (the funds) ; /For those whose hearts/Have been (recently) reconciled/ (To Truth) ; for those in bondage/And in debt ; in the cause/Of God ; and for the wayfarer:/(Thus is it) ordained by God,/And God is full of knowledge/And wisdom.” (Sura Tawbah 9:60, The Holy Quran : Translation and Commentary by A. Yusuf Ali)
As Zakat (legal alms) is an annual obligation, it is preferable to pay the due in the Holy month of Ramzan, when the merit of an obligatory virtue is multiplied by 70 times. In addition to that, this preference of this best period has the basis of the Tradition of the Holy Messenger, who preferred more and more charitable activities in this month.
Islamic economic system proclaims the ‘right’ of the poor and the destitute in the wealth of the rich persons. Al Quran proclaims : “And those in whose wealth/ Is a recognised right/ For the (needy) who asks/ And him who is prevented/ (For some reason from asking) ;” (Sura Ma’arij 70 : 24-25)
Allama Yusuf Ali comments in this context : “True charity consists in finding out those in real need, whether they ask or not …..But the man with wealth or talent or opportunity has the further responsibility of searching out those in need of his assistance, in order to show that he holds all gifts in trust for the service of his fellow- creatures.”
The Holy Quran reveals : “….In order that it may not/ (Merely) make a circuit /Between the wealthy among you…”. (Sura Hashor 59:7) So, charity or alms is not a kindness or simple charity, but it is a ‘right’ of the needy, poor and the destitute, so that the circulation of wealth among all is ensured, not being limited and confined within the hands of a few in the society.
This economic concept is the basis of Zakat (legal alms), a basic fundamental of Islam to create a society based on equity and justice. Zakat means ‘to purify’ or ‘cleanse’. ‘Zakat’ ‘purifies,’ and ‘sanctifies’ wealth.
The Holy Quran reveals : “Of their goods take alms,/ That so thou mightiest/ Purify and sanctify them……” (Sura Tawbah 9:103) Zakat has also the meaning ‘to increase’.
The Holy Quran reveals on Salat and Zakat: “….And establish regular prayer/ And give regular Charity;/ And loan to God / A Beautiful Loan.” (Sura Muzzammil 73:20) Allama Yusuf Ali comments on ‘Beautiful Loan’ : “The ‘Beautiful Loan’ should be that of our own souls. We should expect no returns in kind, for that is not possible. But, the reward we shall find with God will be infinitely greater and nobler….”
