WAQṢ (وقص)
Definition
WAQṢ (وقص), plural auqāṣ, denotes any property that falls under the regulated value or quantity threshold upon which zakāt, the obligatory almsgiving in Islam, becomes due. Essentially, it refers to assets that are below the nisab—the minimum amount for zakāt liability.
Etymology
Waqṣ (وقص) comes from the Arabic root وقص, meaning “to understate” or “to remain below a limit.” The term is specifically used in Islamic jurisprudence to determine whether an asset or property qualifies for zakāt based on its value or volume.
Arabic and Turkish Translations
- Arabic: وقص
- Turkish: The term does not have a direct translation in Turkish, but it is understood in the context of zekat (zakāt) regulations.
Significance in Islam
Zakat (الزكاة)
Zakāt is one of the Five Pillars of Islam, making it a fundamental aspect of Islamic practice and social welfare. It is a mandatory form of charity calculated at 2.5% of one’s accumulated wealth and assets held over a year, provided they exceed the nisab. However, assets that are classified as waqṣ do not meet this threshold and are, therefore, exempt from zakāt.
The Role of WAQṢ
Understanding waqṣ is crucial for Muslims to accurately determine their zakāt obligations. It ensures that individuals are neither under-paying nor over-paying their due zakāt, thereby maintaining adherence to Islamic law and promoting economic fairness.
Scholarly References and Further Reading
- “Fiqh al-Zakat: A Comparative Study of Zakat, Regulations and Philosophy in the Light of Qur’an and Sunnah” by Yusuf al-Qaradawi: This comprehensive book discusses the various aspects of zakāt, including the concept of waqṣ.
- “Islamic Law and Finance: Religion, Risk, and Return” by Frank E. Vogel and Samuel L. Hayes: Offers insights into the financial principles within Islamic law, including obligations related to zakāt.
- “The Five Pillars of Islam: Laying the Foundations of Divine Love and Service to Humanity” by Musharraf Hussain: Presents a detailed examination of the Five Pillars, including zakāt and related terms like waqṣ.
Takeaways
- Waqṣ is a specific term used to denote property values or quantities that are below the nisab, thus exempt from zakāt.
- The concept plays a pivotal role in ensuring the correct distribution of zakāt in accordance with Islamic principles.
- Accurate knowledge and calculation of waqṣ support the economic and social justice intended by Islamic charity law.
Conclusion
Understanding the concept of waqṣ and its application in Islamic finance is essential for adherence to zakāt obligations. As Muslims aim to fulfill their religious duties faithfully, recognizing such terms ensures both compliance with Islamic law and the effective support of community welfare.
