Zakat

Yesterday, a good friend of mine asked me to include business tips on this blog; tips that would help Muslim entrepreneurs. I told him I would

On the same day, I received a request to deliver a lecture on Personal Finance at a local university - an event that i am really looking forward to. While going through my old notes on the subject, I discovered a segment that deals with taxation; in particular how to manage and minimize your tax.

Well, my first business tip is "Pay your Zakat and don't bother minimizing it". You don't minimize Zakat for two main reasons: one, it is already very small percentage (2.5% only) and two, why on earth would you want to minimise the divine intervention that Allah may bestow upon you. The last thing you want is for Allah to minimise the bounty allocated to you too.

We Muslim entrepreneurs must not run away from the concept of divine intervention for the believe in Allah itself is divine. But please do not take the lazy route and leave divinity for laments and moans of despairs when some projects did not land on your lap, "ooh, tak ada rezeki" , "alas, it is not meant to be". Divinity is not weak, it is strong. You should take it as a weapon.

Weapon? How can Zakat and divinity be a weapon? (Be careful when uttering such questions as inadvertently, you be questioning the powers of Allah which is clearly stated in the Quran). It is a weapon because it is an addition to your arsenal of source and resources.

You see, in business we come face to face with adversities, challenges and opportunities. We need to make decisions, put in capital, direct our  resources (staffing, products and services) in order to find and capitalize opportunities. It is the same actions and situation for everyone dabbling in the enterprising world. But we Muslim have an additional source - actually the only real source but i want to make sure you can see the logic - Allah and his powers. The acknowledgement that ultimately Allah decides should give you the assurance, calm and confidence to pursue any opportunity with great vigor and zeal. Knowing that Allah knows the best and shall guide you and the events around you accordingly should strengthen your resolve in taking that risk in business - casting away doubts. And if you know entrepreneurship, those qualities of bravery, zeal and confidence are some of the key success factors for any entrepreneurs.

And all these benefits for only 2.5% of your net income and wealth. It is almost free yet somehow we find ourselves not paying. Zakat is good for you, do it today and see your bounty grow.

Wassalam.

Post note: Paying Zakat reinforces our Muslim community by giving it the extra capital (while still pittance compared the capital Allah may bestow upon you). However, equally important is the fact that as more people pay zakat, more people will be interested to know how the Zakat is being managed and distributed. This is important as it would create a powerful public check and balance over the authorities; to check that Zakat are really being utilised to empower our community effectively. Right now nobody really cares; why? because not many are paying.