Zakat in Practice (part 2)

[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.]

[Previously: Zakat in Practice (part 1)]

Zakat is often understood as a purification of wealth.

What’s the wisdom or lessons behind zakat?

1. Reminds us that Rizq (sustenance) is from Allah.

Since Rizq is from Allah, He has the right to command us how to spend our wealth.

2. In our Rizq, lies another person’s Rizq.

Notice how a portion of our income/wealth is spent on family and others? That’s their Rizq through us.

3. Hence, when it comes to Zakat, a portion of our wealth belongs to a list of recipients.

In my earlier post (part 1), I mentioned how zakat is with regards to our relation to fellow mankind (hablun min an-Nas). It reminds us that we have a responsibility to look after one another, such as the poor and the needy.

Thus, zakat becomes a system of financial support for a group of recipients stipulated by the religion.

4. Purifies the heart

I personally see zakat more of a purification of the heart. It moulds our heart not to be attached to the world or materialistic wealth, teaches us the meaning of giving.

And yes, the more we give, the more we receive, especially when we are grateful.

“And remember! your Lord caused to be declared (publicly): “If ye are grateful, I will add more (favours) unto you;”

Quran 14:7

(To be continued…)

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