Understanding Zakat
Zakat is one of the Five Pillars of Islam, representing the obligation to give a portion of one's wealth to those in need. It is a fundamental act of worship that purifies wealth and promotes social justice.
Key Points About Zakat
- Zakat is mandatory for Muslims who possess wealth above the Nisab threshold (minimum amount) for one lunar year
- The standard rate is 2.5% of eligible assets
- It helps in wealth circulation and reducing inequality in society
Who Must Pay Zakat?
Muslims who meet these conditions:
- Being of sound mind and mature age
- Possessing wealth above the Nisab threshold
- Having complete ownership of their wealth
- Wealth has been in possession for one lunar year
Eligible Recipients of Zakat
Zakat can be given to the following categories:
- The poor and needy
- Those employed to collect and distribute Zakat
- New converts to Islam
- Those in debt
- Travelers in need
- Those in the cause of Allah
- Those in bondage or slavery (historically)