What is Zakat?
Zakat is not an arbitrary handout or imposed tax. Zakat is not a means to be generous – it is what Allah has ordained for us – it is a duty. In order to promote financial and spiritual reform, eradicate greed, and solidify the Islamic economy—all of which will contribute to the stability and prosperity of Muslims—Zakat has been established as one of the pillars of Islam.
According to the Qur’an : Zakat is a way to obtain Allah’s mercy.
Zakat is the fourth pillar of Islam, after Salat and Som. Muslims possess a specified minimum amount of wealth (called nisab) for the entire yearly cycle and are required to pay Zakat for prayers.
What is Nisab?
What is the Nisab threshold? The Zakat Nisab value is the minimum threshold required of a person eligible to pay Zakat in that particular year. To be eligible to pay zakat, One must have nisab value equal to or greater than in your overall wealth , which is defined as the equivalent of:
Either 87.48 grammes (7.5 tola) of gold or, 612.36 grammes (52.5 tola) of silver.
Who is eligible to receive Zakat?
1. The Poor (al-fuqara) means low income or extreme poverty.
2. The Needy (al-masâkîn) means a person in need.
3. Those Employed to Administer of the zakat.
4. People whose hearts have been (recently) reconciled (to Truth).
5. People in bondage (slaves and captives).
6. The Obligated.
7. In the cause of Allah.
8. Travelers; those who are stranded or traveling with few resources.
