Topics: Poverty, Islam, Economics Pages: 3 (642 words) Published: April 15, 2013
Benefits of Zakat
Zakat, the forth pillar of Islam is obligated to be payed by every sahib-e nisab among the Muslims. Those who have wealth beyond their needs and it are saved till the end of the Islamic fiscal year the 2.5 percent share of it must be deducted as zakat. Zakat cannot be paid on money earned from haram sources. There are several benefits associated with zakat which the modern economic and monetary systems claim to produce but fail to do so in real.

Zakat means prolifraton or growth. It has been said 30 times in Quran to pay zakat along with namaz. The benefits of zakat can be seen from the days of 3rd caliph of Islam hazrat usman r.a. in His time there were no poor people left to get zakat i.e. his time was the most progressive for the Muslims. And they did not pay any extra taxes but only zakat. The benefits offered by zakat are given below:

1) The first and the most important benefit of zakat is the purification of the halal money. Once zakat is paid, money becomes pure and in goes under the assurance of ALLAH swt. Hence a person who is zakat payer will never see short of rizq except ALLAH’s will.

2) Zakat keeps the money flow inside society in balance and constant. The sahib-e nisab pay zakat which is gotten by poor people hence the money inflow remains same and constant.

3) The money flow in a Muslim zakat paying society is downward i.e. from top to bottom. In this way what rich people have they also give a share of it to the poor people and keep them live like humans unlike the life of the poor we see today.

4) Since the money inflow remains downward so the society finally reaches at the point to eradicate poverty, which is dream of modern economic gurus.

5) Demand increases and economy grows because every person reaches at a point to buy with ease hence business grows

6) Supply increases. To meet the demand suppliers also increase their market supplies hence they get fair chance to increase their business.

7) The low...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Towards Professional Zakat Institutions Essay
  • Zakat Essay
  • Essay on Zakat
  • Zakat Essay
  • Zakat to Poor and Needy Essay
  • Assignment on Zakat Essay
  • Course outline Zakat accounting Essay
  • Zakat Essay

Become a StudyMode Member

Sign Up - It's Free