Zakat

WHAT IS ZAKAT???

Zakat is one of the five pillars of Islam . It has been mentioned, along with daily Prayers (Salaat / Namaz), over seventy times in the Quran

The word Zakat means both ‘purification’ and ‘growth’. Our possessions are purified by setting aside a proportion for those in need, and, like the pruning of plants, this cutting back, balances and encourages new growth. And the more you give, the more God gives you. Since the month of Ramadan is the month of blessings, the month of forgiveness, the month of doing all the good deeds, and the good deeds are multiplied during that month, so the people try to give their zakat in the month of Ramadan to get more and more blessings.

When is Zakat Obligatory ???

Two Conditions when Zakat is obligatory :

·         Being in possession of Nisab i .e. possessing property in excess of a minimum exemption limit

·         On completion of one Lunar year on the wealth .

Ø   if a person possesses Nisab wealth in the start & at then end of lunar year (in between year even if Nisab wealth is less) Zakat is must.

Ø  At the end of year if nisab wealth is less (though it was surplus in between)Zakat is not must.

What is Nisab ???

Zakat is paid on the surplus of wealth which is left over after the passage of a year (Lunar Year). Zakat is paid at almost a uniform rate of 2.5%. To be liable for zakat, one's wealth must amount to more than a threshold figure, termed the "nisab".. It differs with different kinds of property.

·         In case of silver it is 52 Tolas/613 gms/$130/Rs7283

·         In case of Gold it is 7.5 Tolas/88 gms/$926.40/Rs51910

This year Nisab is Rs51,086

On whom Zakat is obligatory???

·         Zakat is obligatory of every Adult free Muslim man and woman.

·         Zakat is not obligatory for Minor and insane person.

To Whom Zakat can be given ???

·         Faqir or beggar. [A faqir is one who has got something but less than nisab or if it is equivalent to nisab]

·         Miskeen or destitute .[ A miskeen or destitute [person] is one who has nothing, not even to feed and clothe himself ]

·         Amil or petty collector of Zakat .[ By Amil is meant the officials employed in the collection of Zakat]

·         For emancipation of slaves .[ used to free slaves or captives]

·         For liquidation of a debt of a person who, if he himself liquidates it, will not be left with nisab .[ used to pay off the debts of a person who has borrowed to pay for basic necessities so that he/she can lead a normal life]

·         Fi sabil-il-Lah or in the cause of God .[ Fi-Sabil -il-lah means spending in the way of God like giving money to one who wants to go for the engagement in Jihad, but has not got the means to do it, or to a student who wants to go for religious studies (ilm-ud-din) but cannot afford it himself, or a person who wants to go for Haj, but he has not got the means to do so]

·         Ibn-us-sabil i.e., a wayfarer .[ Ibn-us-Sabil is a wayfarer without goods and money in the course of a journey although he may be having it at his home]

What is Zakat-ul-Fitr?

Zakat -ul-Fitr is for fasting Muslims to give food or money on behalf of fasting people. The food or money is equal to one day's meals for one person. The head of the family pays this amount on behalf of each person in the family. If he is responsible for his mother and father, then he has to pay Zakat ul Fitr for them too.If a person cannot fast permanently in the month of Ramadan (for instance, because of illness) they have to pay Fitra for each fasting day.

When Zakat is not payed ???

In the Holy Qur`an God Most High says:

And those who hoard up gold and silver and do not spend them in the way of God, announce unto them a painful punishment. One day that (treasure) will be heated up in the fire of hell and their foreheads, their sides, and their backs will be branded with it: “This is the treasure that you hoarded up for yourselves. Now taste what you used to hoard up”. (9:34)