This letter is in reference to the write-up titled 'Zakat for social and economic growth' by Muhammad Abdul Mazid that was published in the Financial Express on December 22, 2018. The piece highlighted the importance of Zakat and its social values.
I would like to talk about the meaning and significance of Zakat in Islam. Zakat (Arabic zak?h) means "that which purifies". Zakat, or almsgiving, is one of the five pillars of Islam. For every sane, adult Muslim who owns wealth over a certain amount- known as the Nisab-is obligated to pay Zakat.
This makes it a compulsory duty. Calculation of Zakat is based on the total savings of a Muslim during one lunar (Islamic) year.
Those Muslims who have enough wealth have to give a little amount i.e. 2.5 per cent of their wealth to the poor and needy. It is important to note that only the beginning and end of the year are taken into account. During this time, Muslims must possess a minimum amount of wealth for them to pay Zakat. Items like gold, silver, paper currency held in cash or in bank, tradable assets owned by a business, crops, and herded animals, are all taken into consideration when calculating Zakat.
There are eight kinds of people to whom zakat can be given as mentioned in Quran: "The alms are only for the poor or needy; and the destitute; and those employed to collect Zakat; and to attract the hearts of those who have been inclined towards Islam; and to free the captives; and for those in debt; and for Allah's Cause; and for the wayfarer, a traveller who is cut off from everything; a duty imposed by Allah. And Allah is All-Knower, All-Wise." [Al-Quran 9:60]
Zakat helps to bridge the gap between the rich and poor. If stability in society is achieved then peace and discipline will be ensured.
In Islamic viewpoint, Zakah is not a mercy of the rich to the poor rather it is the right of the poor. Zakah increases piety through taqwa or fear of the Almighty. It teaches Muslims that they should not indulge in unnecessary spending. Zakah ensures the proper distribution of wealth. As a result, production increases and unemployment is reduced, raising per capita income.
If each and every Muslim, who has the minimum eligible wealth, gave zakat regularly every year, then there would have been no disparity between rich and the poor in the society.
Md. Zillur Rahaman
Islami Bank Bangladesh Ltd,
Lalmohan Branch, Bhola.
[email protected]
