Zakat is one of the five pillars of Islam and is a donation and compulsory for all Muslims across the world. As per the Islamic Belief, Muslims provide zakat about 2.5 percent of their assets away to charity every year mainly in the holy month of Ramadan. Zakat should be given to poor people to purchase new clothes or Sawai for Eid celebrations. Muslims give Zakat at any time or buy mainly in the sacred month of Ramzan.

Zakat is also an Islamic finance in which Muslims donate 2.5 percent of their assets or wealth every year for charitable causes. It is compulsory for all Muslims worldwide and is considered to be a form of Ibadat or worship. Zakat purifies your earnings by giving some money to poor individuals who are not able to purchase new clothes and Sawai to celebrate Eid with their families. It is based on your income, savings, and the value of your properties.

As per Islamic Belief, Muslims must provide Zakat firstly to their poor family members and then to other needy individuals to celebrate Eid ul Fitr with their families. Zakat is considered to be the compulsory type of tax for all Muslims across the world to help poor individuals.

As per Islam, zakat should be given to poor or needy people to purify their earnings and wealth. Therefore, rich Muslim individuals pay 2.5 percent of the amount of their property to needy and poor people.  Zakat is mandatory for all Muslims to pay zakat every year to purify their earnings and assets and to seek blessings from Almighty Allah.

Muslims should pay or give zakat on any extra wealth under their ownership are given below –

• Pension or earning amount
• Silver, Gold, and many other ornaments or jewellery
• Current Income
• Money stored in the home and bank
• Property that you purchase for investment purposes