LaunchGood Shares Five Powerful Ways Zakat Makes a Difference

LaunchGood Shares Five Powerful Ways Zakat Makes a Difference.

Not so long ago LaunchGood published an article titled, "5 Powerful Ways Zakat Makes An Impact". Today we will go through some interesting parts that the article mentioned that might benefit you in the long run.

Zakat is 2.5% of one's total cumulative wealth in a year and is obligated to be paid by all Muslims who own more than the minimum threshold or Nisab of wealth and possessions.

The threshold in prophetic tradition is 87.48 grams of pure gold or 612.36 grams of silver, and the value may vary each year as the price of gold and silver fluctuates. Zakat has to be paid on four types of wealth: agricultural products, animals, trading goods, and money, which includes financial assets such as cash, bonds, stocks, savings, and loans.

Zakat: Remaining An Important Islamic Tradition

With 1.9 billion Muslims in the world, Zakat is now one of the main forms of wealth transfer to the poor and a global phenomenon. Effectively delivered, it can be a powerful economic lever in Muslim majority countries and minority Muslim communities everywhere.

Zakat should occupy the same spirit and merit in the Muslim psyche as Prophet Muhammad institutionalized this in his lifetime. Humans have a moral duty to rise above base desires such as greed or jealousy and conduct themselves 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.

Find the full article here.

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Article Reference: LanchGood