Zakat in Islam: Zakat is the third obligatory pillar of Islam. The system of Zakat, Nisab of Zakat on gold is described in Quran and Hadith. According to Islam, the purpose of Zakat is to circulate the money among all the poor of society equally. It helps to prevent the concentration of wealth in few hands. All the important information and guideline about Zakat in Islam is provided in this article.
Zakat is paid once in a year. It is like a tax on your wealth to help the needy people. Islam makes it obligatory to pay Zakat for a person who owns animals (agricultural products), gold, silver and money. A specific ratio is defined by the Islam on which you have to pay Zakat.
Ratio of Zakat in Islam:
Nisab is the ratio of money that should be paid as Zakat like on having 85gm pure gold you have to pay 2.5% of that gold as Zakat.
If a person owns 595g pure silver then he should give 1/40 of the silver to the poor.
Zakat is also paid, if you are having agricultural products. 1/10 of that production should be paid as Zakat.
If you have amount equivalent to the 595 grams of silver then you should pay one fortieth of that amount to the Masaakeen.
On having 120 goats or sheep then you should pay amount equivalent to the price of two goats. If the number of animals is greater than 200 than you have to the amount equivalent to the price of three animals.
To whom Zakat should be paid?
There are clear instructions about the people who deserve to get the money of Zakat. It cannot be given to the person who has 52 Tola silver or the equivalent wealth. Non Muslims are also prohibited to be given the Zakat. Zakat cannot be given to the mother, father, grandparents, grandchildren, husband or wife to each other and other than these relatives you can pay Zakat to your relatives. It should also be not given to the Syeds; descendents of Prophet (PBUH)’s daughter. You are not allowed the money of Zakat against the services rendered to you or against the outstanding debts.
Why Zakat Should Be Paid?
Zakat is given to the needy and poor people so that they can get the necessities of life. Zakat purifies our income and it will remove the love of wealth. If Zakat system is established in all over the world, it will reduce the poverty level. It also helps to prevent the hoarding of money and monopoly in the society.