04/08/2023
What is Zakat?
Zakat is the charity given by the wealthy to the poor. It is one of the five pillars of Islam. It is not only a means of purification of one's wealth, but also a source of growth and blessing in it. Dispensing zakat on a yearly basis is mandatory for all eligible Muslims. And by doing so, Muslims are reminded to be appreciative of the blessings that Allah (Subhana Wa Ta’ala) has bestowed upon them, and to help those who have less.
Who is eligible to give zakat?
All of the following conditions have to be met for zakat to become mandatory upon someone:
-The person is a sane adult muslim
-The person owns at least 87.48 grams of gold or 612.35 grams of silver or $465 in cash/bank/investment or items/properties worth $465 that are not of their day to day usage
-The person doesn't have debt that when paid off, will bring his wealth to below the aformentioned amount
-The person has that wealth for a year
When all of the requirements are met, then the zakat amount is 2.5% of the value of the possessions.
Who is eligible to receive zakat?
Any muslim who does not possess the amount of wealth mentioned above. Zakat can also be given to people with debt, the people who distribute zakat (to cover their distribution expense) and to wayfarers who have lost their belongings.
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