The Philosophy of Zakāt — Page 6
THE PH ILOSOPHY OF ZAKAT 6 contained in the word itself and we know that it is the means of cleansing and purifying one’s possessions and one’s soul as well; Zak ā t makes one flourish and prosper. One also gains the pleasure of Allah through it. It ensures personal progress and mater ial welfare. The A ssessment of Zak ā t According to the law of Islam one has to pay 2. 5% of one’s cash money, capital, stock and tradeable assets, including jewelry in gold and silver of which one was in possession for one full year, provided that one had more than the assessable limit. This is paid to help the poor and the needy, as has been commanded by the Holy Quran and explained and put into practice by the Holy Prophet himself, peace and blessings of Allah be upon him. It must be remembered that Zak ā t is not an income tax which is levied on one’s income. But it is levied on one’s savings and is spent wholly for the benefit of the poor and the needy. Islam has imposed Zak ā t on wealth and properties which have the attribut e of increasing and multiplying and which could also be preserved safely, for which reason it is assessed every year during which one has had ample chances of spending. It is on this principle that gold, silver, cash in any shape or form, business stock, g oats, sheep and cattle which feed themselves by grazing and all the produce from the land are assessable for Zak ā t. But no Zak ā t is to be paid on land, houses for personal residence, and other goods in daily use. Fruit and vegetables are not assessable. A proper scale for assessment has been fixed, as for instance