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40 Ghafir (The Forgiver),سورة غافر
41 Fussilat (Explained In Detail),سورة فصلت
Zakat- The third Pillar of Islam (part-5)
Since Zakat is one of the pillars of Islam so its benefits are plenty-both for the payer of zakat as well as the society by and large.
Paying zakat not only purifies one’s wealth but also one’s heart from all kinds of materialistic greed and worldly attractions. It replaces selfish interests and lure of wealth with higher values of brotherhood, compassion and generosity. The zakat system helps to establish a fair and just circulation and distribution of wealth in the society. Proper distribution of zakat can ensure an equitable distribution of wealth in the society.
The criteria for the payment of zakat are as follows:
The zakat payer should possess nisab amount of wealth.
He should be meeting his basic needs as well as that of his family.
He should not be an insolvent debtor.
He has been in possession of his wealth or livestock for one complete year
In case any one of the condition is not met then a person is not liable to pay zakat.
The institution of Zakat helps in bringing about socio-economic development in the society. It helps to restrict concentration of wealth in a few hands and discorages hoarding of wealth too.
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