About – Zakat is a form of almsgiving and is one of the five pillars of Islam that is often collected by the Muslim Umrah as a religious obligation to the needy or poor people. Zakat payment means purification of one’s wealth religiously and is obligatory for all Muslims to the poor or needy people including relatives and close friends. It is a compulsory charitable contribution that is considered to be a tax. Zakat is a compulsory procedure for all Muslims that is regarded as a form of worship.
Zakat is obligatory for all Muslims on the value of all one’s wealth above a minimum amount each lunar year. Generally, Zakat is calculated as 2.5 percent of total savings and wealth above the minimum amount of wealth is called as Nisab during a lunar year. Islamic scholars of different schools of thought differ on Nisab and the calculation of payment of zakat.
Zakat is based on income and the value of processions of Gold, Silver, jewelry, and a number of cattle such as goats, camels, sheep, cows and agricultural produce as per rule. Nisab for Gold and Silver jewelry is 87.48 grams of gold and 612.36 grams of silver jewelry.
Recipients of Zakat – Recipients of Zakat must be poor or needy people. The category mentioned in the holy Quran is poor relative, orphans, new Muslims, freed from slavery, travelers, those in bondage, and debt-ridden.