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Al-Zakah: The Islamic Financial Responsibility
Al-Zakah: The Islamic Financial Responsibility


 
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AL-Zakah: A source of Social Security for Muslim Ummah - The
Islamic Financial Responsibility



This is the most neglected pillar of Islam, that's why
Allah's blessing is not with us and we are still dependent on others even
though Muslims are blessed with all types of natural resources. To help in
understanding this Pillar of Islam, we have published a complete manual, which
explains all that you need to know about Az-Zakah. This manual is a unique
document ever written on this subject in the west. It not only explains what is
Zakah? Who should pay Zakah? When Zakah becomes obligatory? Doctrine of
Tamleek, Rates of Zakah, Zakatable items, Non-Zakatable items, Ard-ul-Tijarah
and Accounting methods of calculations, but also includes a Short Form and a
Long Form containing eleven schedules for all kind of businesses to help you
calculate your Zakat-ul-Mall and in order to establish this 3rd. Pillar of
Islam.



Literally, Zakah means, "to purify." Without the
payment of Zakah, whole wealth of a person is impure, called "Kunz,"
which, in the shape of gold, silver or other metal will be heated up in the
hellfire and the one who has not given Zakah shall be branded with that as a
punishment. Az-Zakah is not a poor due or a levy or an income tax or a property
tax, and it should not be considered like one. It is an act of worship and as
such classified to be the 'Third Pillar of Islam.' The basic principle
underlying this third Pillar of Islam (Az-Zakah) is to encourage the Muslims to
put their wealth in circulation and not to hold it depriving the others from
its benefits of changing hands through business and trade. If any one holds the
wealth from circulation for one full year, he should pay Zakah equal to the
minimum benefit it would have yielded to the poor, needy, in the way of Allah
and so on. This minimum benefit assigned by Prophet Muhammad (peace be upon
him) is its 1/40th or 2.5%. Based on the above stated principle, merchandise
inventory change over of several times, even if amounting to millions of
dollars during the year has no effect on the Zakah calculation and Zakah is
only on the ending physical inventory at the end of the fiscal year. Similarly
assets, which are used in business to generate income, are exempt from Zakah
because those assets are responsible for putting the wealth in circulation.
Zaka-tul-Mall is based on the principle of paying thanks to Allah for His grace
and bounty. Zakah is an act of worship and a method prescribed by Allah Himself
for paying thanks to Allah in order to be His 'Abdan shakoor' (grateful
devotee) therefore; it is not a levy or burden like income tax or a property
tax. This is a Divine Commandment for the distribution of wealth among the
community members. Another major difference between Zakah and Taxation is that
the person paying the Zakah is not expecting any worldly benefit in return,
while the person paying income tax is expecting the community or government
services in return. Do you know that Zakah rate is not only 2½ % but also 5%,
10% and 20%? To study and understand this Third Pillar of Islam, the Institute
of Islamic knowledge has published a complete manual along with eleven
schedules for the calculation of Zakah for multi million dollar businesses,
professionals such as doctors, ranching operation, mining operation, fisheries
as well as oil industry.



Important Note:



In distribution of Zakah, relatives come first if they
qualify as recipients of Zakah, however, Zakah can not be given to your own
parents and children. After this category, we suggest that you consider the category
of "Wa Fee Sabeelillah." In this category, the best one to consider
is "Al-Qur'an Trust Fund" for printing and free distribution of the
Qur'an and other Da'wah material to the non-Muslims for conveying The Message
of Allah and the propagation of Islam.




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