3. What is the
meaning of
Zakat?
Zakat literally means "to be clear, to
grow, to increase.“
So the act of giving zakat means
purifying one's wealth to gain Allah's
blessing to make it grow in
goodness.
4.
5. Importance Of Zakat
Zakat is an important pillar of Islam and is a
financial worship.
In many places in Holy Quran, there is mention of
Zakat along with namaz.
Zakat has been a part of earlier religions and the
teachings of earlier prophets.
Zakat and sadaqa-e-Fitr were declared obligatory
in 2 A.H.
6. The Orders of Zakat
Zakat is obligatory on all sane and adult Muslims,
male and female, who qualify for payment.
The minimum qualification is 87.48 grams of gold if
the property is exclusively on gold, or 612.36 gram
of silver or its price.
There is no Zakat Payable on the machinery which
is used in a factory to produce saleable items, but
the earnings of the product will be liable for Zakat.
7.
8. (1) Poor persons who have something to live upon,
yet they are needy.
(2) Those who have nothing to live upon, that is, the
bare indigent persons.
(3) Those persons, who have been appointed for
collection of Zakat, and are custodian of Zakat
money.
(4) Those neo-Muslims, who need encouragement
and whose hearts are to be reconciled.
(5) Those who need money for setting a slave free.
9. (6) The debtors, who are living under the burden of
debt, and do not have ability to repay.
(7) To help those persons who have engaged
themselves in the cause of religion or for the defence
of Islam, and have no source of earning their
livelihood.
(8) The wayfarers, who do not have enough money
to go back home.
10. Rate Of Zakat
(1) Gold, Silver, cash, trade or business capital,
bank accounts, bonds, shares and other such
securities are to be paid 2.5% at the end of a year.
(2) The Zakat on the yield of an irrigated land is
five per cent (5%).
(3) For mineral products or underground treasures
the rate of Zakat is twenty per cent (20%).
