Zakat / Zakat al Mal is the third piller of Islam. It is the 2.5% of a person’s wealth calculated for a period of one year if they have more wealth than Nisab value (which can be calculated in terms of gold and silver).
Zakat is a prayer that is connected to wealth. Anyone who gives Zakat on their wealth is getting his wealth purified.
Who needs to pay Zakat ?
Any Muslim who is past the age of puberty and is sound of mind is eligible to pay Zakat, as long as they meet the threshold of Nisab.
What do you pay Zakat on?
You have to pay Zakat on a number of things:
⦁ Cash and savings (including any money lent to others).
⦁ Gold and silver, which includes jewelry containing the precious metal.
⦁ Stocks, shares and investments
⦁ Pensions
⦁ Investment properties
⦁ Produce and livestock
Zakat is given to one of eight categories listed in the Holy Quran. The poor, the needy, those in debt, the wayfarer (traveller), those who strive in the way of Allah (swt), those whose hearts are to be reconciled, freeing those who are in captivity and those who distribute Zakat.
Zakat is payable annually, generally based on the lunar calendar. As long as your wealth remains above the Nisab threshold on that day every year it is obligatory for you to pay it. Mostly people pay Zakat in the last 10 days of Ramadan.
It is still obligatory for you to pay all of your missed Zakat payments, If you are unsure of the amount, you do need to work out the amount of each year that you owe, to ensure you are above the Nisab threshold and eligible to pay.
⦁ Purification of Wealth
⦁ Sense of gratitude prevails among the needy
⦁ Serves as a helping hand for the poor.
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