#zakatsystem

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zakat is great system for poverty reduction

Zakat is a financial system in Islam. All rich muslims are bound to pay zakat.

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zakat for reduce poverty and economic discrimination from society.

Zakat is the third pillar of Islam. In true, zakat is a financial system for Muslim in Islam. This zakat is compulsory for rich Muslim. If any Muslim wants to become a true Muslim, he must pay zakat. Otherwise, he will be out of Islam.

Zakat has eight sections where a Muslim can pay his zakat. These are fakir, miskin, new Muslim, zakat collector, needy traveller, free the Muslim from slavery, marketing and establishment of Islam, free the borrower from their loan.

Zakat has a rate. To pay zakat a Muslim must follow the rules of sharia. A Muslim pays zakat at the rate of 2.50% of his total assets value. The assets must be stay on one lunar calendar after fulfilling the regular demand. The value of assets must be equivalent to 52 tolas silver or 7.50 tolas gold.

There are different rate on beasts and agricultural crops.

Through zakat, Muslims can contribute to change his society. After paying zakat to poor, their purchasing power will be increase. Then demand of products will be increase, by this way investment, production and supply will be increase. Thereafter sell volume and profit will increase. Through this profit, payment of zakat amount will be increase in society. This way zakat circulate from rich to poor and poor to rich. By this zakat system, poverty and discrimination vanish from society.

zakat