Zakat in Islam and its Impact on Society
Zakat in Islam
The Role of Zakat in Islam
The literal meaning of Zakat is “to cleanse” and “to grow” and is a way for Muslims to purify and bring blessings on to their wealth.
Transforming Lives Through Zakat
Zakat al Maal
Zakat al Fitr
Who Does Your Zakat Help?
Those in captivity
Those in debt
Those whose hearts need to be softened to Islam
Those fighting in the way of Allah
The power of zakat
What Role Does Zakat Play in Society?
Inequality and Poverty in Canada
“My Mercy extends to all things. That (Mercy) I shall Narrated Jarir bin `Abdullah: I gave the pledge of allegiance to the Prophet (ﷺ) for offering prayer perfectly, giving Zakat, and giving good advice to every Muslim.for those who have God-consciousness and give their Zakat and those who believe in Our Signs.”
“And establish prayer and give Zakat, and whatever good you put forward for yourselves - you will find it with Allah.”
“Then steadfastly continue to duly establish the Prayer, and give the Zakat-Charity.”
“My Mercy extends to all things. That (Mercy) I shall ordain for those who have God-consciousness and give their Zakat and those who believe in Our Signs.”
“Allah will certainly aid those who aid His (cause); for verily Allah is Full of Strength, Exalted in Might, (able to enforce His Will). (They are) those who, if We establish them in the land, establish regular prayer and give their Zakat, enjoin the right and forbid wrong: with Allah rests the outcome of all affairs.”
The Power of Zakat
You pay Zakat and fulfill one of the most important pillars of Islam
Receive immeasurable reward from Allah
Your Zakat helps the most vulnerable members of your community
Those assisted are able to support themselves and pay it forward
The community is empowered as a whole
Answering Your Questions
Yes, you may be entitled to pay Zakat if you have a student loan. If you are not making any payments toward your loan right now, then there is nothing for you to deduct and you will simply pay Zakat on your net Zakatable assets.
Once your Zakat has reached the Nisab, then Zakat is mandatory to pay. However, when calculating one’s Zakatable wealth, the amount of debt, payable loans, and future or past expenses can affect the total amount that is truly Zakatable. For more information, read our full post here.
Nisab is the minimum threshold of wealth a person must own at which Zakat becomes payable. Nisab for gold is 20 Dinar or 85 grams and the Nisab for silver is 200 dirhams or 595 grams. Most scholars prefer the lower value (silver Nisab) be used because this results in more people paying Zakat and more people getting assistance from Zakat.
Zakat is only due on gold and silver, and is not due upon any other metals or precious stones. Read the full post to find out how to calculate gold and silver.