The Philosophy of Zakāt — Page 7
THE PH ILOSOPHY OF ZAKAT 7 620 grams of silver and 87 grams of gold are liable for assessment. Stock - in - trade and houses that are rented and bring income are assessable after every twelve months. This is Zak ā t and is collected for the poor and the needy. (See Appendix. ) Jewelry in the form of gold and silver in one’s use or which is loaned for use to poor friends is not assessable. It is preferable that the rich people should pay Zak ā t on their jewelry in their own use but which is not loaned to the poor at all. It brings merit if paid, though it is not compulsory. But the jewelry of gold and silver which is not in use is definitely taxable. Zak ā t has to be paid on this every year so long as it falls above the minimum level of assessment as specified above. It is evident from the Holy Quran that Zak ā t was being paid from the time when the Command for this had been revealed. We read in the Chapter Al - Muzammil: ‘…and observe Prayer, and pay the Zak ā t, and lend to Allah a goodly Loan. And whatever good you send on before you for your souls, you will find it with Allah. It will be better and greater in reward …’ ( 73:21 )