What is Zakat?
Zakat is one of the Five Pillars of Islam and is an obligatory form of almsgiving for all financially able Muslims. It's a fixed portion (2.5%) of a Muslim's savings and wealth that is distributed to those in need.
Who Must Pay Zakat?
Zakat is obligatory for every Muslim who:
- Has reached puberty
- Is of sound mind
- Owns wealth equal to or above the nisab threshold
- Has maintained this wealth for one complete lunar year (Hawl)
What is Nisab?
Nisab is the minimum amount of wealth a Muslim must possess before they become liable to pay Zakat. This threshold is equivalent to:
- 87.48 grams of gold or
- 612.36 grams of silver
Most scholars recommend using the gold standard today as it's more stable in modern economies.