How does Zakat purify your wealth?
Zakat is the compulsory giving of a set proportion of our wealth to charity. It is regarded as a type of Ibadah – worship, self-purification and is the third pillar of Islam. Zakat does not refer to charitable gifts given out of kindness or generosity, but to the systematic giving of 2.5% of one’s wealth each year to benefit the poor.
This systematic giving helps us acknowledge that everything comes from Allah as a loan and that we do not really own anything ourselves. We cannot take this wealth with us when we die, so we shouldn’t become attached to it. It helps us also realise that we are rich because of Allah’s grace and that we have a responsibility to people who are poor – as they are poor out of no fault of their own.
Viewing wealth like this purifies our greed and incessant desire to accumulate it. It ensures we do not horde liquidity and instead re-distribute it. On a societal scale this purifies a nation’s wealth.
Zakat also purifies us in other ways. We learn self-discipline, freeing ourselves from the love of possessions and money. Finally accounting for zakat as a yearly exercise nurtures honestly and integrity in our financial dealings.
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