ZAKAT

Zakaat is a mandatory form of charity and one of the Five Pillars of Islam. It is a financial obligation for all Muslims who meet a specific criteria of wealth. For more details about the specific details, get in touch with a trusted Islamic scholar.

Zakaat is considered a purification of wealth and the soul as well as a means of social justice. For Zakaat to be fulfilled, the beneficiary must be given ownership of the money/charitable item.

Zakaat is typically calculated as 2.5% of a Muslim’s total savings and investments that have been held for a full lunar year. This includes assets such as gold, silver and business merchandise.

The primary purpose of Zakaat is to assist those in need and to alleviate poverty. The funds collected through Zakaat are distributed to categories defined by Islamic law, including the poor and needy, those in debt, travellers, and others facing financial hardship.