Zakat
Meaning
the Arabic word Zakat has been derived from 'Zaka' which means, to purify. By giving charity, the giver's heart is purified from the love of the wealth as Allah has said in Surah Taubah that those who prize gold and silver to extent of hoarding and do not spend out of it in the name of Allah will be branded with fiery hot gold and silver.
the Holy Prophet (PBUH) described Zakat as the wealth taken from the rich and given to the poor. Zakat, also called poor rate or poor-tax is really a welfare tax. It is the backbone of the economic system of Islam. its aim is to improve the condition of the poor and give the economic security and to prevent the accumulation of wealth in a few hands.
The Quran says:
"That which you give in charity, seeking Allah's countenance; it is these who will get a reward multiplied."(30:39)
"The parable of those who spend their property in the way of Allah is as the parable of a grain growing seven ears with a hundred grains in every ear. And Allah multiplies for whom He pleases." (2:261)
Just as keeping up of regular prayers is the sign of Iman i.e.,faith, the regular payment of Zakat too is one of the attributes of a true believer.
Its Importance
Zakat was made compulsory in the second year of the Hijrat. It is the second of the two most important pillars of Islam, the first being Salat or prayer. By offering regular prayers, a muslim discharges his obligations towards Allah. By regularly paying the obligatory chairty-Zakat, he performs his duty and discharges his duties towards poor Muslims.
The importance of Zakat may be judged from the fact that the word Zakat occurs thirty-two times in the Holy Quran. With the exception of a few verses, it is always mentioned with Salat. The Quran says:
"And establish prayer and pay the poor-due and lend Allah a goodly loan." (74:20)
At another place:
"Those who spend their wealth by night and by day, by stealth and openly, surely, their reward is with their Lord; no fear shall come upon them, nor shall they grieve." (2:274)
In the definition of righteousness contained in the Quran, we are told that they spend out of the love of Allah. Verse 92 of Surah Imran tells us:
"By no means shall you attain righteousness unless you give of that which you love."
The same Surah says:
"They ask you (Holy Prophet (PBUH)), how much they are to spend. Say what is beyond your needs."