Shas has 12 seats in the Israeli parliament and is a key member of the governing coalition led by Ehud Olmert, Israel's prime minister.
Benizri's conviction is the latest in a number of scandals involving senior politicians in Israel.
He was said to have accepted money and favours from companies that brought foreign workers into Israel.
He was also accused of appointing friends and business associates to prominent positions.
He insisted he was innocent during the trial, which lasted more than two years and saw about 200 witnesses called to testify.
"Benizri committed a series of severe offences which are underscored by his position and status. He is a minister and a leader in Israel who has committed a sin," the judge said while passing sentence.
Benizri pleaded his innocence and vowed to appeal against the conviction. He will remain free until the appeal has been heard.
Benizri is considered close to Rabbi Ovadia Yossef, the party's spiritual leader.
Correspondents say it is unlikely that Benizri's conviction would affect the coalition.