Zakah: The Third Pillar
Zakah is the third pillar of Islam and the cornerstone of its economic system. It represents "the first and foremost mechanism to implement economic justice," according to economist Dr. Monzer Kahf. As a religious duty and an obligation on all Muslims, it offers the donor the inner satisfaction of a duty accomplished. It induces a feeling of pleasure in giving up wealth by teaching that only those funds on which the due zakah has been paid are halal (legitimate) for appropriation or consumption. A well-known hadith states, "There [are] no people, who do not pay zakah, left without being made to suffer by God through disasters, or famine or drought." Zakah is the right of the poor to the wealth of the rich, a right bestowed by the true Owner and Giver of wealth — Allah (Subhanahu wa ta'ala).
Saturna Capital Corporation, investment adviser and administrator for Amana Mutual Funds Trust, hopes to see all members of the Islamic community prosper.
To help, we can calculate zakah donations on behalf of investors in affiliated accounts.
This verse means: 'Take', O Messenger, a stipulated amount of alms 'of those seeking to repent,' such as the obligatory zakah, or 'take' a voluntary unstipulated amount.
To 'purify' is to purify these people from the faults of stinginess, greed and meanness, and lack of remorse towards the needy, and other similar depravities.
To 'sanctify' these people is to develop and uplift them through righteous deeds and blessings until they are worthy of happiness on earth and in the Hereafter.
The Messenger of Allah (Salla Allahu Alayhi wa Sallam) said: "He who discharges zakah of his property, his sins shall leave him." The Prophet Muhammad (Salla Allahu Alayhi wa Sallam) gave to the needy all the money and gifts that exceeded his needs on a daily basis. He placed his faith in God to provide for his future needs.