LaunchGood shares five powerful ways Zakat makes a difference

LaunchGood shares five powerful ways Zakat makes a difference.

Not long ago, LaunchGood published an article titled: “5 Powerful Ways Zakat Makes an ImpactToday we are going to go through some interesting points mentioned in the article that may benefit you in the long run.

Zakat amounts to 2.5% of one’s total wealth in a year and is obligatory to pay by all Muslims who own more than the minimum threshold or Nisab of wealth and assets.

The threshold in the Prophetic tradition is 87.48 grams of pure gold or 612.36 grams of silver, and the value can vary each year because the price of gold and silver fluctuates. Zakat is payable on four types of wealth: agricultural products, animals, trade goods, and money, which includes financial assets such as cash, bonds, stocks, savings, and loans.

Zakat: An Important Islamic Tradition

Zakat has always existed in the religious traditions of earlier prophets, and frees believers from the addiction to wealth and greed, which often lead to corruption and inequality. It improves socio-economic harmony, increases contentment and gratitude, and brings spiritual benefits among people. By paying Zakat, believers recognize that their wealth and other provisions are a double blessing, for them to enjoy and for the underprivileged to pull them out of the trap of poverty.

With 1.9 billion Muslims in the worldZakat is now one of the most important forms of wealth transfer to the poor and a global phenomenon. If implemented effectively, it can be a powerful economic lever in Muslim-majority countries and Muslim-minority communities everywhere.

Zakat should occupy the same spirit and merit in the Muslim psyche that Prophet Muhammad institutionalized in his life. People have a moral obligation to rise above base desires such as greed or jealousy and act as “stewards of Allah on earth.” Zakat can be a unique socio-religious and economic catalyst to make our world a fairer place to live.