Zakat

Zakat is an obligatory form of charity in Islam that is paid annually by those who meet certain criteria. It is one of the five pillars of Islam and is considered a fundamental act of worship.

• The word Zakat comes from the Arabic word ‘zaka’, which means to purify, cleanse, or grow. Zakat is seen as a way of purifying one’s wealth and soul, as well as helping those in need.
• Zakat is typically calculated as 2.5% of a Muslim’s accumulated wealth over the course of a year. This includes money in bank accounts, investments, gold, silver, and other assets. However, there are certain conditions that must be met for Zakat to be obligatory, such as having a minimum amount of wealth (known as Nisab) and the wealth being in one’s possession for a full lunar year.