Zakat is one of the five pillars of Islam. It is mandatory for every Muslim who is financially stable, and has what is called the Nisab, which is the threshold that one must have to pay zakat to the poor and needy. Nisab is the minimum amount of wealth and possessions that a Muslim must own before being obligated to pay zakat. The nisab by the gold standard is 3 ounces of gold (87.48 grammes) or its cash equivalent. In other words, if the personal wealth is below the nisab during one lunar year, no zakat is owed for that period.
Zakat is an act of worship that every Muslim must perform to help the underprivileged people. In the Quran, zakat is discussed a number of times.
وَأَقِيمُواالصَّلَاةَوَآتُواالزَّكَاةَ ۚ وَمَاتُقَدِّمُوالِأَنْفُسِكُمْمِنْخَيْرٍتَجِدُوهُعِنْدَاللَّهِ ۗ إِنَّاللَّهَبِمَاتَعْمَلُونَبَصِيرٌ
“And be steadfast in prayer and regular in charity: And whatever good ye send forth for your souls before you, ye shall find it with Allah” (Qur’an 2:110)
Zakat is meant to be paid in order to purify the wealth. Therefore, those who have enough wealth that is equal to the Nisab and above, have to give a minimum of 2.5% of their wealth to the poor and needy. Zakat is not a voluntary charity but an obligation. Muslims pay zakat every year in order to purify their wealth and to seek blessings from the Almighty Allah (SubhanahuWataala).
You should pay zakat on any wealth under your possession. This includes:
Gold, silver and other jewelry/ornaments
Money you lend to others
Shares and stocks
Cash saved in bank or home
Property which you buy for investment purpose
In conclusion;Zakat is the fourth pillar, and it is a mandatory tenant of Islam. Zakat refers to purification in general and purification of wealth in particular, therefore, those who have wealth over the nisab, they are required to pay Zakat on it and give it to those who are less fortunate.
Please select the Zakat Al-Mal option when making your donation.