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::: Nisab :::

Feb 10: S$4,659

Nisab is the market value of 86 grams of gold

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Zakat: A Symbol of Islamic Social Justice

About Zakat

Zakat is the 3rd pillar of Islam and is the determined share of wealth prescribed by Allah S.W.T. to be distributed to the 8 categories entitled to receive it. Zakat as translated from Arabic means growth, multiplicity, fertility, cleansing, full of baraqah. It is an ibadah in terms of wealth. A symbol of Islamic social justice, Zakat cleanses your soul, purifies and grows your wealth while eradicating poverty.

Zakat in the Quran and Hadith:

"O you who believe! Spend of the good things which you (legally) earned, and of that which We have produced from the earth for you..." (Al-Baqarah: Verse 267)

"(The superstructure of) Islam is raised on five (pillars): to utter an attestation of faith, performance of prayer, payment of Zakat, fast of Ramadan and pilgrimage (to Makkah)." (Narrated by Ibnu Umar R.A.) 

Significance of Zakat for the individual: 

  • Purifies and promotes assets.
  • Develops gratitude for Allah's bounty.
  • Brings about a sense of peace and well-being.

Significance of Zakat for society: 

  • Minimizes the feeling of envy among those who are less well-to-do.
  • Provides a religiously-approved method of managing the society's economy and finance.
  • Makes it possible for part of the wealth of the rich to be distributed among the poor.

4 conditions of Zakat:

  1. The person is a Muslim.
  2. The person has full ownership of the wealth.
  3. Nisab is reached: Nisab is the market value of 86 grams of gold.
  4. Haul is completed: Possession of the assets for one Hijrah year or 355 days.

 

 

 

 

Last update on : 18/12/2009