زکوٰۃ اور پاکستان کا جدید معاشی نظام: قرآن و حدیث کی روشنی میں مسابقتی مطالعہ ZAKAT AND MODERN ECONOMIC SYSTEM OF PAKISTAN: A COMPETITIVE STUDY IN THE LIGHT OF QURAN AND HADITH

Abstract

Zakat is obligatory charity in Islam. It enables the distribution of surplus wealth to the needy. At Akhuwat, we believe Zakat has the power to eradicate world poverty if it were applied on a wide enough scale. The term ‘Zakat’ in Arabic literally means to cleanse. As the third pillar of Islam, Zakat is a form of worship and a way for us to cleanse our wealth. Paying Zakat is mandatory for all Muslims who have surplus wealth, which they aren’t using for their own basic needs. These surplus savings you have must be above a set minimum amount, called ‘Nisab.’ If it is, and if you’ve held them for a year, then you should be paying Zakat. Zakat is 2.5% of your savings, which the poor and needy have a right over..