Linguistic Definition
Zakat as translated from Arabic means growth, multiplicity, fertility, cleansing, full of baraqah.
Religious Definition
Zakat is the 3rd pillar of Islam and is the determined share of wealth prescribed by Allah S.W.T. to be distributed to the 8 categories entitled to receive it. It is an ibadah in terms of wealth. A symbol of Islamic social justice, Zakat cleanses your soul, purifies and grows your wealth while eradicating poverty.
Zakat as translated from Arabic means growth, multiplicity, fertility, cleansing, full of baraqah.
Religious Definition
Zakat is the 3rd pillar of Islam and is the determined share of wealth prescribed by Allah S.W.T. to be distributed to the 8 categories entitled to receive it. It is an ibadah in terms of wealth. A symbol of Islamic social justice, Zakat cleanses your soul, purifies and grows your wealth while eradicating poverty.
Conditions of Zakat
- The person is a Muslim.
- The person has full ownership of the wealth.
- Nisab is reached. (Nisab is the market value of 86 grams of gold)
- Haul is reached (Possession of the assets for one Hijrah year or 355 days)
Types of Zakat
- Zakat on Savings
- Zakat on CPF
- Zakat on Business
- Zakat on Gold
- Zakat on Shares
- Zakat on Insurance
- Zakat Fitrah
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