Identification -Zakat

Question

Examlex · Accepted Answer

The Answer is Zakat is one of the Five Pillars of Islam and is a form of almsgiving treated in Islam as a religious obligation or tax. It is a duty for all Muslims who meet the necessary criteria of wealth. The word "zakat" can be defined as "purification" and "growth" because it allows an individual to achieve balance and encourages new growth. The principle of knowing that all things belong to God is essential to purification and growth.

Zakat is charged on the wealth of an individual after a lunar year (Hijri year) has passed and is typically 2.5% of the wealth and assets that are over the nisab, which is the minimum amount for a Muslim net of basic necessities to be eligible to pay zakat. The nisab is equivalent to the current value of 85 grams of gold or 595 grams of silver. There are minor differences in the calculation of nisab and the percentage of zakat between the different Islamic schools of thought.

The types of wealth that are eligible for zakat include gold and silver, cash, savings, investments, rental income, business merchandise and profits, stocks, and even livestock and agricultural produce. It is not charged on personal items such as clothing, housing, or transportation; it is only on the wealth that is held in excess of one's needs and which has the potential to grow.

Zakat is meant to be used for specific beneficiaries and purposes as outlined in the Quran, which include:

1. The poor (al-fuqarā’), meaning low-income or indigent.
2. The needy (al-masākīn), those who are unable to meet their basic needs.
3. Zakat administrators.
4. Those whose hearts are to be reconciled, meaning new Muslims and friends of the Muslim community.
5. Those in bondage (slaves and captives).
6. The debt-ridden, to relieve them from debt.
7. In the cause of God (fi sabil Allah), meaning those fighting for a religious cause or in a jihad.
8. The wayfarer, meaning those who are stranded or traveling with few resources.

It is the individual responsibility of each Muslim to calculate their zakat if they meet the criteria. Many Muslims pay their zakat during Ramadan because the rewards for good deeds during this month are believed to be multiplied.

In summary, zakat is a compulsory act of worship that involves giving a set percentage of one's wealth to those in need, serving both as a means to redistribute wealth within the Muslim community and as a way for Muslims to purify their wealth and souls.

Identification -Zakat

Definitions: