Zakat :- Zakat is one of the five pillars of Islam. Wealthy Muslims gives a proportion of their wealth to the poor and needy. It is a ‘Farz’ for those Muslims who are capable of giving zakat. It is considered as the poor’s right on the rich’s wealth. If you own assets equal or more than Nisab then you must give zakat. But if your assets are less than Nisab then you don’t have to give zakat. Nisab is the cash equivalent of 87.48 grams gold or 612.36 grams silver.
Zakat is a charitable act which gives the lesson to be generous. Helping the people in need and share our wealth with them. Zakat increases our sympathy towards the poor and teaches us to be helpful. It also teaches us to overcome our greed and prevents us from miserly acts. Muslims gives zakat in order to fulfill the command of ALLAH and hoping for His blessings. One’s wealth does not reduces by giving zakat. Because ALLAH multiplies the wealth whatever is given with a noble purpose. In the Holy Qur’an, it is said that, “Who is it that will lend ALLAH a goodly loan so he multiplies it to him manifold? And ALLAH withholds and extends and to Him you shall return.”
Giving zakat is very important. Zakat can play a good role in the society to lessen the difference between the rich and poor. Zakat helps the poor to change their financial situation and to make it better. They can start a business or find a proper way to earn their living with Zakat. Zakat can be used to enhance the financial situation of the society with it’s right application. And then there may be a day will come when no one will remain poor and be able to give Zakat, if ALLAH wills.
How To Calculate your Zakat :- For calculate your Zakat perfectly, calculate your assets first. Assets which are used in your everyday life and living expenses are not eligible for Zakat assets. Zakat eligible assets are those which you don’t need in your everyday life and extra such as savings, cash and precious metal which are in your possession for at least one year. If your assets worth the same or more than the Nisab (equivalent of 87.48 grams gold or 612.36 grams silver), then start calculating how much zakat you have to pay.
- Make sure how much your Zakat eligible assets worth.
- Exclude your liabilities (loans, debts) from the total amount. Now, remain amount will be considered as the worth of your zakat eligible assets.
- You have to give minimum 2.5% of your zakat eligible assets. Multiply the total amount with .025 and you will have the perfect amount that you need to pay as your Zakat. You can give more if you’re financially able.
Zakat teaches us to fulfill our responsibilities towards the society and to fulfill our moral duty. It is through Zakat we get the chance to practice charity and develop a sense of helping the needy. Zakat gives us the opportunity to achieve the unending blessings of ALLAH by obeying His orders. It also purifies our soul and frees our mind from greed. Every Muslim should pay Zakat and fulfill their duty.