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Zakat is the third pillar of Islam. It signifies the amount of wealth a Muslim pays to the poor and less privileged people. Zakat is a compulsory act of worship and signifies the responsibility and duty the richer have towards those in need. Literal meaning of the word Zakat is ‘to cleanse.’ Muslims believe that paying Zakat purifies their wealth and pleases Allah SWT.

Your Zakat can transform lives and help those in need.

Zakat must be paid by the one who is:

• Muslim

• Major (Baligh)

• Sane

• Owner of wealth, above the level of Nisab (Sahib-un-nisaab)

If all the above apply, you have to pay 2.5% Zakat on all of your savings and other applicable assets.

Nisab is a term that denotes the minimum amount of wealth Muslims must have before Zakat becomes obligatory upon them. They are required to donate 2.5% of their total wealth to those in need.

Nisab was set by Prophet Muhammad (صلی اللہ علیہ وسلم) at 20 Mithqaal (مثقال) of gold or 200 dirhams of silver. This is the equivalent of 87.48 grams (7.5 tola) of gold and 612.36 grams (52.5 tola) of silver, respectively.

This is to be noted carefully that if someone possesses only gold, then the Nisab level for gold (87.48 grams) must be used. However, if a mixture of assets are possessed (like 1 or 2 tola gold, 10 tola silver, 5 thousand rupees etc.) then the (lower) silver Nisab level (current value of 612.36 gram silver) must be used.

Zakat only becomes obligatory once a full lunar year has passed, providing that your qualifying wealth has been held for one full year. Your Zakat year, therefore, starts on the date your wealth first equaled or exceeded the Nisab and should be calculated on that date for each subsequent year.

Although you can give Zakat at any time of year many Muslims choose to pay their Zakat during the Holy month of Ramadan. This is because the rewards and blessings of giving in this month are far greater than at any other time of the year.