Zakat is one of the five pillars of Islam. It is an amount a Muslim has to give away from his wealth preferably at the end of each Islamic financial year. The Islamic financial year starts at the end of Ramadan and ends at the beginning of the next Ramadan. Muslims are required to give away 2.5% of the wealth they had in their possession for the whole Islamic financial year to the poor and needy.However, it is only restricted to those with the financial means and capabilities. Like all other forms of worships in Islam, there are countless benefits attached to it. These benefits can lead to our salvation in the Hereafter but there are other rewards that one can benefit from in this life. Here we will outline 5 financial benefits of paying out Zakat.
- PURIFICATION OF WEALTH.
Zakat acts as a source of purification of one’s wealth. The one who pays out Zakat is increased in Barakah (blessing) by Allah SWT. His wealth will be accepted by Allah and will act as a source of blessing in this world and salvation in the hereafter
- SOURCE OF MORE INCOME
Zakat means growth and increase basically. A person who pays out Zakat justly and consistently is increased in more wealth and sustenance by Allah SWT.
- EVEN DISTRUBUTION OF WEALTH IN SOCIETY
Zakat spreads income in society in a balanced way and the flow of money in the society becomes stabilized. Without Zakat, the rich will be getting richer by accumulating more and more wealth while the poor keep getting poorer. With Zakat, the excess wealth of the rich is circulated amongst the poor.
- ERADICATION OF POVERTY
Because Zakat is paid out to the poor and needy, it can help eradicate poverty in society. If people pay out Zakat like they are asked to by Allah SWT, poverty will be eradicated.
- PREVENTS RECESSION
Paying out Zakat is a sure way to stop a recession in an economy. Zakat is an interest free system and thus acts as a buffer for economic fluctuations which otherwise lead to a recession.
As Muslims, we have nothing to lose when paying out Zakat. We tend to be under the mercy of Allah SWT in this world and hereafter and we also get to reap the financial rewards.