Zakat in Practice (part 1)

[Introduction: This series is a sharing on zakat from the perspective of a financial planner. It is hoped to be educational, informative as well as practical to help readers better understand Zakat, especially Zakat on Wealth, as a Muslim in Singapore.

Topics to include: Zakat on Investment, Zakat on Savings, and Zakat on Estate.]

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Zakat, as we know, is one of the 5 pillars of Islam, following Salaah (prayer).

“Who believe in the Unseen, are steadfast in prayer, and spend out of what We have provided for them;”

Qur’an 2: 3

“And be steadfast in prayer; practice regular charity; and bow down your heads with those who bow down (in worship).”

Qur’an 2: 43

It is interesting to note how, in many verses in the Qur’an, the commandment to prayer is accompanied with the commandment to pay zakat.

One point of reflection:

• Prayer is one’s relationship with Allah (hablun minAllah)
• Zakat is with regards to one’s relationship with fellow mankind (hablun min an-Nas)

(To be continued…)