What Is Zakat?
Zakat is one of the five pillars of Islam and refers to a mandatory charitable payment that eligible Muslims must give each year. The word Zakat means purification and growth, as it purifies wealth and helps reduce inequality in society.
Zakat is not optional charity; it is an obligatory act of worship for Muslims who meet the required financial threshold, known as Nisab.
Why Is Zakat Important in Islam?
Zakat plays a vital role in Islam by promoting social justice, compassion, and economic balance. It helps support the poor, needy, and those in financial hardship. By giving Zakat, Muslims purify their wealth and strengthen the bond within the community.
Failing to pay Zakat despite being eligible is considered a serious sin in Islam.
Who Must Pay Zakat?
A Muslim must pay Zakat if:
- They own wealth equal to or above the Nisab
- The wealth has been in their possession for one lunar year
- The wealth is fully owned and usable
Zakat applies to cash, gold, silver, business assets, and savings.
How Much Zakat Is Paid?
The standard Zakat rate is 2.5% of eligible wealth after deducting liabilities. Because prices of gold and silver change, using an online calculator helps ensure accuracy.